{"id":76142,"date":"2024-04-15T14:17:23","date_gmt":"2024-04-15T18:17:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=76142"},"modified":"2024-04-15T14:17:52","modified_gmt":"2024-04-15T18:17:52","slug":"ethena-announces-monthly-custodian-attestations-for-usde","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethena-announces-monthly-custodian-attestations-for-usde\/","title":{"rendered":"Ethena Announces\u00a0Monthly Custodian Attestations for USDe"},"content":{"rendered":"\n

Ethena has released detailed reports proving USDe's asset backing, including supply breakdowns <\/a>and custodial holdings.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ethena, the protocol of the stablecoin USDe, has added a new level of transparency.<\/p>\n\n\n\n

All integrated depositaries are now submitting attestation reports.<\/p>\n\n\n\n

These reports validate that the assets supporting USDe are held in a non-exchange environment.<\/p>\n\n\n\n

However, the custodial solutions for these measures are of an institutional quality.<\/p>\n\n\n\n

Commencing immediately, monthly updates of these reports will be forthcoming on the Ethena governance<\/a> forum.<\/p>\n\n\n\n

The purpose of distributing these reports is to provide stakeholders with regular updates.<\/p>\n\n\n\n

However, the information will specify the nature and whereabouts of the assets that form the protocol's foundation.<\/p>\n\n\n\n

This action responds to the growing demand for greater transparency in asset-based cryptocurrencies.<\/p>\n\n\n\n

As part of these structured disclosures, Ethena has pledged to establish confidence.<\/p>\n\n\n\n

Ethena Reports USDe Support<\/h2>\n\n\n\n

In April 2024, Ethena will publish monthly comprehensive attestation reports.<\/p>\n\n\n\n

The reports shall provide a comprehensive account of the attributes of the assets that underpin USDe.<\/p>\n\n\n\n

On April 15, 2024, at 22:00 UTC, the aggregate supply of USDe amounted to $2.359 billion.<\/p>\n\n\n\n

Significant custodial services own substantial portions of this. Ceffu possesses $1.066 billion, while Copper possesses $1.279 billion.<\/p>\n\n\n\n

In addition, Cobo receives a smaller portion, amounting to $4.871 million.<\/p>\n\n\n\n

In addition to safeguarding the capital, they also substantiate any unrealized gains or losses.<\/p>\n\n\n\n

This verification enhances Ethena's level of financial transparency.<\/p>\n\n\n\n

Meanwhile, over time, the protocol will contribute to completing these attestations.<\/p>\n\n\n\n

They plan to incorporate external verifiers and more comprehensive data illustrations.<\/p>\n\n\n\n

Assurances on Liquidity and Security Enhanced<\/h2>\n\n\n\n

Ethena has assured the stakeholders\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that it will preserve liquidity and security throughout its operations.<\/p>\n\n\n\n

As of the same reporting date, Ethena's mint\/redeem contract contained $15.65 million in redeemable funds.<\/p>\n\n\n\n

Furthermore, a $32.71 billion undivided reserve fund is present.<\/p>\n\n\n\n

All custodians have acknowledged and confirmed the accuracy of these figures, thereby confirming that their solutions contain the fictitious underpinning of USDL.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":56,"featured_media":76167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[19145,18451],"class_list":["post-76142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethena-ena","tag-ethena-labs"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/Ethena-Announces-Monthly-Custodian-Attestations-for-USDe.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=76142"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/76142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/76167"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=76142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=76142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=76142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}