Transparency

Custodian Attestations of Assets Backing USDe: April

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 weekly Proof of Reserves publications.

The aim of our monthly attestation reports is to provide further independent third-party assessment and validation that the backing assets of USDe reside strictly off-exchange and with institutional-grade custodial solutions.

As of 23:59 UTC April 25th 2026, USDe supply was 3.825bn as per the Etherscan link below:

https://etherscan.io/token/0x4c9edd5852cd905f086c759e8383e09bff1e68b3

$0.618bn has been verified to be held within solutions offered by Copper as of 23:59 UTC April 25th 2026, including unrealized P&L.

$0.280bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC April 25th 2026. A screenshot of the Binance Account Statement as of 23:59 UTC April 25th 2026 is provided in this post, which demonstrates the total value of Ethena’s mirrored Binance account. Differences in the values between Ceffu & Binance result from unrealized pnl on derivatives positions, spot trades, funding income, and fees pending daily settlement.

$0.607bn has been verified to be held within solutions offered by Anchorage Digital Bank as of 23:59 UTC April 25th 2026.

$0.300bn has been verified to be held within solutions offered by Kraken Custody as of 23:59 UTC April 25th 2026.

At 23:59 UTC April 25th 2026, there was $1.836bn within Ethena’s Coinbase Onchain Wallets as per the DeBank links below:

https://debank.com/profile/0x2d4d2a025b10c09bdbd794b4fce4f7ea8c7d7bb4

https://debank.com/profile/0xb8734a14fbd4aa2d44e6aa830405ffc861ba313c

https://debank.com/profile/0x1c3b25019ed4e4876e7af7903cc3e1e23287c337

https://debank.com/profile/0x2bf5d9a2326ad3c5ef8208f91af79c3ca1f0f67c

https://debank.com/profile/0x3feAA7483fCFBA130e68B41369DD78FF30465459

At 23:59 UTC April 25th 2026, there was $93.227m within USDe’s MintRedeem Smart Contact available to satisfy redemptions, as well as $62.041m in the Reserve Fund.

USDe MintRedeem Smart Contract: 0xe3490297a08d6fC8Da46Edb7B6142E4F461b62D3

Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5

All custodians have confirmed that the notional backing USDe is held within Copper, Ceffu, Anchorage Digital Bank, and Kraken Custody of 23:59 UTC April 25th 2026.In summary, as of the snapshot time:

USDe supply: 3.825bn
Copper custodied assets: $0.618bn
Ceffu custodied assets + unsettled balances: $0.373bn
Anchorage Digital Bank custodied assets: $0.607bn
Kraken Custody custodied assets: $0.300bn
Coinbase Onchain Wallet assets: $1.836bn
Assets in USDe MintRedeem Smart Contract: $93.227m
Total backing assets: $3.827bn
Reserve Fund: $62.041m
Total including Reserve Fund % of USDe: 101.68%

Copper Attestation: