Ethena Labs has released three custodian attestations for assets backing its $2.67 billion USDe stablecoin on May 27. The triple attestation reveals that USDe has a 101.74% backing rate, ensuring over-collateralization and liquidity for redemptions.
Ethena Labs pledged to publish monthly reports detailing custody and reserve information for transparency. The stablecoin holds $1.31 billion with Copper Markets AG, $1.33 billion with CH Europe Digital Solution, and $5.52 million with Cobo Global HK Limited. Additionally, Ethena maintains a $42.3 million reserve fund for emergencies.
Despite skepticism, including concerns from Fantom developer Andre Cronje, USDe has nearly a $3 billion market cap and has added more cryptocurrencies to its reserves. It has also partnered with liquidity pool providers like Frax Finance, enhancing user demand and stability.
The strategic release of regular attestation reports aims to build trust and ensure long-term stability and transparency in the DeFi ecosystem.
