{"id":79730,"date":"2024-05-28T12:23:02","date_gmt":"2024-05-28T16:23:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79730"},"modified":"2024-05-28T12:24:18","modified_gmt":"2024-05-28T16:24:18","slug":"ethena-labs-unveils-triple-attestation-for-usde-reserves","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethena-labs-unveils-triple-attestation-for-usde-reserves\/","title":{"rendered":"Ethena Labs Unveils Triple Attestation for USDe Reserves\u00a0"},"content":{"rendered":"\n

In an effort to increase openness regarding its USDe stablecoin<\/a>, Ethena Labs promised to release monthly reports that include custody and reserve details.\u00a0
<\/p>\n\n\n\n

\"Ethena
Ethena Labs Unveils Triple Attestation for USDe Reserves\u00a0<\/figcaption><\/figure>\n\n\n\n

Three custodian attestations for the assets supporting Ethena Labs' $2.67 billion USDe token, which is backed by cryptocurrency-denominated currencies, including Bitcoin (BTC) and Ether (ETH), were made public by the synthetic dollar issuer. <\/p>\n\n\n\n

Ethena's stablecoin reserves are $1.31 billion and $1.33 billion, respectively, with the Swiss companies Copper Markets AG and CH Europe Digital Solution (CEFFU), according to the defi startup.<\/p>\n\n\n\n

USDe has $5.52 million worth of remaining assets under management with Cobo Global HK Limited. Ethena Labs additionally boasts a $42.3 emergency reserve money<\/a>. The issuer said that USDe had a 101.74% backing rate in the triple attestation provided on May 27.\u00a0<\/p>\n\n\n\n

This indicated that the asset was over-collateralized and could support redemptions if all users sold. Speaking to Ethena USDe worries Ethena's post addresses comments received from the public following the February mainnet launch of USDe. <\/p>\n\n\n\n

After the introduction of the governance token ENA and the onboarding of Bitcoin as a hedge asset, many within the community began to fear a potential systemic breakdown akin to the crashes of 2022. <\/p>\n\n\n\n

Andre Cronje, the developer of Fantom, was one of the well-known voices expressing doubts. Cronje compared the USDe to TerraUSD (UST), an algorithmic stablecoin created by Do Kwon's Terraform Labs<\/a>.\u00a0<\/p>\n\n\n\n

UST had a $18 billion market capitalization at its height. However, the token's collapse set off a $60 billion collapse throughout the Terra ecosystem and began a chain reaction of bankruptcies across the cryptocurrency space. <\/p>\n\n\n\n

USDe has attracted user demand and a market capitalization of around $3 billion, according to DefiLlama, despite industry pessimism. The protocol also established connections with liquidity pool providers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> like Frax Finance and increased the amount of bitcoins in its reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"

In an effort to increase openness regarding its USDe stablecoin, Ethena Labs promised to release monthly reports that include custody and reserve details.\u00a0 Three custodian attestations for the assets supporting Ethena Labs’ $2.67 billion USDe token, which is backed by cryptocurrency-denominated currencies, including Bitcoin (BTC) and Ether (ETH), were made public by the synthetic dollar […]<\/p>\n","protected":false},"author":43,"featured_media":79732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18451,19750],"class_list":["post-79730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethena-labs","tag-usde-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/croc_1716910637264.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79730","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\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79730"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79732"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}