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.
Read Also: Norway’s Government Set To Outlaw Crypto Mining
- Experts Say Bitcoin CME Gap Brings Short Term Uncertainty Before Uptober Rally Begins
- MrBeast Expands Holdings in ASTER Token as Revenue Outpaces Hyperliquid by 10x
- Why Is Canary Litecoin ETF Approval by US SEC This Week Crucial for Crypto Market?
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
