In providing transparency of Ethena protocol’s backing assets, we are excited to share our twenty-first monthly attestation report from all integrated custodians, verifying the backing assets of USDe reside off-exchange within institutional custodial solutions. Monthly attestation reports complement both our real-time Transparency dashboards as well as
Ethena has operated the largest delta-neutral collateral pool in all of crypto for several years, with a peak crypto basis allocation of greater than ~$8bn during 2025. The mechanism for the basis trade is unchanged across BTC, ETH and SOL: hold spot, sell the perpetual, and collect the funding
Content featured below has been provided by the Ethena Foundation The Ethena Foundation is aware of two material areas of doubt and concerns related to Ethena since launch: early investor monthly unlock overhang, and where the value created by the protocol ultimately accrues. Today both of these points are being
In providing transparency of Ethena protocol’s backing assets, we are excited to share our twentieth monthly attestation report from all integrated custodians, verifying the backing assets of USDe reside off-exchange within institutional custodial solutions. Monthly attestation reports complement both our real-time Transparency dashboards as well as our
In providing transparency of Ethena protocol’s backing assets, we are excited to share our nineteenth monthly attestation report from all integrated custodians, verifying the backing assets of USDe reside off-exchange within institutional custodial solutions. Monthly attestation reports complement both our real-time Transparency dashboards as well as our
Research
This post is a continuation of our earlier piece on USDe backing diversification, focusing on the next phase of that work: broadening real-world asset (RWA) exposure beyond tokenised T-Bills. USDe’s backing already includes meaningful indirect RWA exposure through USDtb - a stablecoin backed primarily by BlackRock’s BUIDL,
Transparency
In providing transparency of Ethena protocol’s backing assets, we are excited to share our eighteenth monthly attestation report from all integrated custodians, verifying the backing assets of USDe reside off-exchange within institutional custodial solutions. Monthly attestation reports complement both our real-time Transparency dashboards as well as our
Engineering
Ethena has partnered with Atelligo, an intelligence and remediation platform purpose-built for phishing detection, brand protection, and coordinated takedown operations.
Research
In the recent post on diversifying USDe’s backing, we outlined multiple proposed extensions to the backing assets: overcollateralised institutional lending, real-world assets beyond T-Bills, and equity and commodity basis trades. This post goes deeper on the third strategy: equity and commodity basis, and specifically the first asset
Engineering
In the spirit of our earlier post on building systems that assume compromise at every layer, we’re sharing a transparent, engineering-first look at the recent Kelp DAO / LayerZero OFT exploit, our response, and why Ethena assets and infrastructure were not susceptible to the same risks.
Transparency
In providing transparency of Ethena protocol’s backing assets, we are excited to share our seventeenth monthly attestation report from all integrated custodians, verifying the backing assets of USDe reside off-exchange within institutional custodial solutions. Monthly attestation reports complement both our real-time Transparency dashboards as well as our
Product
The backing of USDe has historically been primarily composed of short perpetual futures positions against spot crypto collateral, generating returns through funding rate collection. However, perpetual futures positions make up just 11% of the USDe backing today, with the rest allocated to a variety of stablecoin reserve and DeFi lending