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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our seventh attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.
Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol.
The aim of these reports is to prove an independent third party assessment that all assets backing USDe sit off-exchange within institutional grade custodial solutions. It is expected that these attestations become more robust going forward, utilizing additional external parties to verify the data presented and presenting additional detail.
As of 10:00 UTC October 23rd 2024, USDe supply was 2.589bn as per the Etherscan link below:
Token Rep: Neutral | Price: $0.9998 | Onchain Market Cap: $10,616,612,394.66 | Holders: 32,912 | As at Oct-24-2025 06:36:01 PM (UTC)
$0.723bn has been verified to be held within solutions offered by Copper as of 10:00 UTC October 23rd 2024, including unrealized P&L.
$1.331bn has been verified to be held within solutions offered by Ceffu as of 10:00 UTC October 23rd 2024.
$3.94m has been verified to be held within solutions offered by Cobo as of 10:00 UTC October 23rd 2024, including unrealized P&L.
At 10:00 UTC October 23rd 2024, there was $0.503bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our seventh attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.
Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol.
The aim of these reports is to prove an independent third party assessment that all assets backing USDe sit off-exchange within institutional grade custodial solutions. It is expected that these attestations become more robust going forward, utilizing additional external parties to verify the data presented and presenting additional detail.
As of 10:00 UTC October 23rd 2024, USDe supply was 2.589bn as per the Etherscan link below:
Token Rep: Neutral | Price: $0.9998 | Onchain Market Cap: $10,616,612,394.66 | Holders: 32,912 | As at Oct-24-2025 06:36:01 PM (UTC)
$0.723bn has been verified to be held within solutions offered by Copper as of 10:00 UTC October 23rd 2024, including unrealized P&L.
$1.331bn has been verified to be held within solutions offered by Ceffu as of 10:00 UTC October 23rd 2024.
$3.94m has been verified to be held within solutions offered by Cobo as of 10:00 UTC October 23rd 2024, including unrealized P&L.
At 10:00 UTC October 23rd 2024, there was $0.503bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan link below:
At 10:00 UTC October 23rd 2024, there was $29.55m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $46.72m in the Reserve Fund.
Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5
Mint/Redeem Contract: 0x2CC440b721d2CaFd6D64908D6d8C4aCC57F8Afc3
All custodians have confirmed that the notional backing USDe is held within Copper, Ceffu and Cobo as of 10:00 UTC, October 23rd 2024.
In summary, as of the snapshot time:
USDe supply: 2.589bn
Copper custodied assets: $0.723bn
Ceffu custodied assets: $1.331bn
Cobo custodied assets: $3.94m
Coinbase Web3 Wallets: $0.503bn
Assets in mint/redeem: $29.55m
Total backing assets: $2.590bn
Reserve Fund: $46.72m
Total including Reserve Fund % of USDe: 101.86%
Ceffu Attestation:
Copper Attestation:
Cobo Attestation:
At 10:00 UTC October 23rd 2024, there was $29.55m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $46.72m in the Reserve Fund.
Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5
Mint/Redeem Contract: 0x2CC440b721d2CaFd6D64908D6d8C4aCC57F8Afc3
All custodians have confirmed that the notional backing USDe is held within Copper, Ceffu and Cobo as of 10:00 UTC, October 23rd 2024.
In summary, as of the snapshot time:
USDe supply: 2.589bn
Copper custodied assets: $0.723bn
Ceffu custodied assets: $1.331bn
Cobo custodied assets: $3.94m
Coinbase Web3 Wallets: $0.503bn
Assets in mint/redeem: $29.55m
Total backing assets: $2.590bn
Reserve Fund: $46.72m
Total including Reserve Fund % of USDe: 101.86%
Ceffu Attestation:
Copper Attestation:
Cobo Attestation:
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