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
Transparency
In providing transparency of Ethena protocol’s backing assets, we are excited to share our sixteenth 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
On 22nd March 2026, Resolv Labs’ USR stablecoin suffered a significant exploit. In the spirit of shared learning, we outline key design principles that can help mitigate such risks - including on-chain bounds, atomic collateral tying, and fast automated containment.
Transparency
In providing transparency of Ethena protocol’s backing assets, we are excited to share our sixteenth 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
News
Ethena Foundation is launching Ethena Exchange points: a program rewarding trading activity using USDe as collateral on Ethena-powered exchanges.
Transparency
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our fifteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.