Ethena has released detailed reports proving USDe’s asset backing, including supply breakdowns and custodial holdings.
Ethena, the protocol of the stablecoin USDe, has added a new level of transparency.
All integrated depositaries are now submitting attestation reports.
These reports validate that the assets supporting USDe are held in a non-exchange environment.
However, the custodial solutions for these measures are of an institutional quality.
Commencing immediately, monthly updates of these reports will be forthcoming on the Ethena governance forum.
The purpose of distributing these reports is to provide stakeholders with regular updates.
However, the information will specify the nature and whereabouts of the assets that form the protocol’s foundation.
This action responds to the growing demand for greater transparency in asset-based cryptocurrencies.
As part of these structured disclosures, Ethena has pledged to establish confidence.
Ethena Reports USDe Support
In April 2024, Ethena will publish monthly comprehensive attestation reports.
The reports shall provide a comprehensive account of the attributes of the assets that underpin USDe.
On April 15, 2024, at 22:00 UTC, the aggregate supply of USDe amounted to $2.359 billion.
Significant custodial services own substantial portions of this. Ceffu possesses $1.066 billion, while Copper possesses $1.279 billion.
In addition, Cobo receives a smaller portion, amounting to $4.871 million.
In addition to safeguarding the capital, they also substantiate any unrealized gains or losses.
This verification enhances Ethena’s level of financial transparency.
Meanwhile, over time, the protocol will contribute to completing these attestations.
They plan to incorporate external verifiers and more comprehensive data illustrations.
Assurances on Liquidity and Security Enhanced
Ethena has assured the stakeholders that it will preserve liquidity and security throughout its operations.
As of the same reporting date, Ethena’s mint/redeem contract contained $15.65 million in redeemable funds.
Furthermore, a $32.71 billion undivided reserve fund is present.
All custodians have acknowledged and confirmed the accuracy of these figures, thereby confirming that their solutions contain the fictitious underpinning of USDL.
