Ethena Launches Monthly Custodian Attestations for USDe

Ethena Launches Monthly Custodian Attestations for USDe

Ethena Launches Monthly Custodian Attestations for USDe

Ethena has enhanced transparency for its stablecoin USDe by requiring all integrated depositaries to provide monthly attestation reports.

Additionally, Ethena, the technology that underpins the stablecoin USDe, has brought forth an increased degree of transparency. Currently, all integrated depositaries are providing attestation reports to their customers.

It has been established through these reports that the assets that support USDe are kept in an environment that is not an exchange. In the form of institutional-grade custodial solutions, these steps are available.

Immediately, these reports will be uploaded to the Ethena governance forum on a monthly basis. This change will take effect immediately.

We deliberate on the dissemination of these reports to ensure that stakeholders receive regular updates. It will provide information on the type of assets supporting the protocol and their location.

This step is a response to the growing demand for transparency in asset-based cryptocurrencies, which has occurred in recent years. Through these structured disclosures, Ethena has committed to establishing confidence in the community.

Ethena Details USDe Backing in New Reports

In April 2024, Ethena will initiate the release of monthly detailed attestation reports containing information. The reports will provide a detailed description of the characteristics of the assets supporting USDe.

On April 15, 2024, at ten minutes past 12 o’clock on the hour, the total supply of USDe was $2.359 billion. A significant portion of this goes to important custodial services.

Copper is worth $1.279 billion, while ceffu is worth $1.066 billion. In addition, Cobo receives a smaller portion of the total, which amounts to $4.871 million.

They not only protect the capital but also confirm any unrecognized earnings or losses. This verification further enhances the level of financial transparency that Ethena guarantees.

Over time, the protocol will result in these attestations becoming more comprehensive. In the future, they plan to incorporate external verifiers and more thorough data graphics.

Ethena has assured a number of stakeholders that it will continue to maintain both liquidity and security in its operations. Ethena holds a mint/redeem contract with a redeemable amount of $15.65 million as of the same reporting date.

Furthermore, there is a reserve fund that is undivided and has a total value of $32.71 billion. The support of all custodians confirms that their respective solutions contain the USDL notional backing.

Read Previous

Elon Musk Confirms X Set to Charge Fee to New Users

Read Next

Mark Cuban Pays $275.9 Million in Tax