Ethena Introduces Monthly Custodian Attestations for USDe

Highlights

Ethena introduces new transparency measures with monthly attestation reports for USDe, starting April 2024.
These reports confirm USDe assets are securely stored off-exchange in institutional-grade custodial solutions.
As of April 15, 2024, the total USDe supply reached $2.359 billion, safeguarded by key custodial services like Copper and Ceffu.

Ethena, the protocol of the stablecoin USDe, has introduced a new level of transparency. All integrated depositaries are now supplying attestation reports. These reports confirm that the assets underpinning USDe are stored in a non-exchange setting. Those measures come in institutional-grade custodial solutions. Starting with immediate effect, these reports will be posted on the Ethena governance forum on a monthly basis.

The delivery of these reports is designed to give stakeholders frequent information. It will provide the type and location of assets underpinning the protocol. This action is a reaction to an increasing need for transparency in asset-based cryptocurrencies. Ethena has pledged to build trust through these structured disclosures.

Ethena Details USDe Backing in New Reports

Ethena will start releasing monthly detailed attestation reports in April 2024. The reports will detail the characteristics of the assets that support USDe. As of 10:By 22:00 UTC on April 15, 2024, the total USDe supply was $2.359 billion. Important custodial services own big parts of this. Copper holds $1.279 billion, and Ceffu holds $1.066 billion. Furthermore, Cobo gets a lesser share, which is $4.871 million.

They not only protect the capital but also validate the unrealized profits or losses. This verification further deepens the financial openness Ethena guarantees. The protocol will make these attestations more complete as time goes by. They intend to add external verifiers and more comprehensive data illustrations.

Assurances on Liquidity and Security Enhanced

Ethena has provided assurances to the stakeholders that it will maintain liquidity and security in its activities. On the same reporting date, Ethena’s mint/redeem contract had $15.65 million, which is redeemable. In addition, there is an undivided reserve fund of $32.71 billion. All custodians have attested to these numbers, verifying that the notional backing of USDL is held within their solutions.

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Ethena (ENA)

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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