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.
To keep stakeholders informed regularly, we’ve designed our report delivery system. It will reveal the specific types and locations of the assets supporting our protocol. This step is a response to growing demands for transparency in cryptocurrencies backed by assets. Trust is a priority for Ethena, which is why we are committed to providing these detailed disclosures.
Ethena Details USDe Backing in New Reports
Beginning in April 2024, Ethena will publish monthly comprehensive reports detailing the asset attributes underlying USDe. Prior to the first report’s release, the current USDe supply amounted to $2.359 billion as of 10:00 by Byzantium Time on April 15, 2024. Significant custodial entities control substantial portions of this total. Specifically, Copper manages $1.279 billion, while Ceffu oversees $1.066 billion. Cobo holds a smaller portion with $4.871 million in USDe assets.
In simpler terms, Ethena not only ensures the safety of the capital but also verifies hidden gains or losses. This verification enhances Ethena’s financial transparency. The protocol will become more detailed with the inclusion of external verifiers and extensive data visualizations over time.
Assurances on Liquidity and Security Enhanced
Ethena has given guarantees to its investors that it will preserve sufficient funds for its operations and ensure their safety. On the same day of reporting, Ethena’s minting/redeeming agreement held $15.65 million in redeemable funds. Furthermore, there is a reserve fund totalling $32.71 billion. All custodians have confirmed these figures, confirming that the value supporting USDL is indeed safeguarded within their systems.
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2024-04-15 19:21