Transparency

Custodian Attestations of Assets Backing USDe: August

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 sixteenth attestation report from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.

Attestation reports are released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol.

The aim of these reports is to prove an independent third party assessment that all assets backing USDe sit off-exchange within institutional grade custodial solutions.

As of 23:59 UTC August 27th 2025, USDe supply was 12.229bn as per the Etherscan link below:

USDe (USDe) | ERC-20 | Address: 0x4c9edd58...bff1e68b3 | Etherscan

Token Rep: Neutral | Price: $0.9998 | Onchain Market Cap: $10,616,612,394.66 | Holders: 32,912 | As at Oct-24-2025 06:36:01 PM (UTC)https://etherscan.io

$3.921bn has been verified to be held within solutions offered by Copper as of 23:59 UTC August 27th 2025, including unrealized P&L.

$2.983bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC August 27th 2025.

At 23:59 UTC August 27th 2025, there was $5.277bn within Ethena’s Coinbase Web3 Wallets as per the Etherscan links below:

Ethena: Coinbase Web3 Wallet 1 | Address: 0x2d4d2a02...a8c7d7bb4 | Etherscan

Address (EOA) | Balance: $3,679,036,357.79 across 3 Chains | Transactions: 958 | As at Oct-24-2025 06:52:26 PM (UTC)https://etherscan.io

Ethena: Coinbase Web3 Wallet 3 | Address: 0xb8734a14...861ba313c | Etherscan

Address (EOA) | Balance: $1,497,267,916.61 across 3 Chains | Transactions: 662 | As at Oct-24-2025 07:09:24 PM (UTC)https://etherscan.io

Ethena: Coinbase Web3 Wallet 2 | Address: 0xd54F23BE...3087f92fB | Etherscan

Address (EOA) | Balance: $15.07 across 1 Chain | Transactions: 50 | As at Oct-24-2025 07:04:51 PM (UTC)https://etherscan.io

Ethena: Coinbase Web3 Wallet 4 | Address: 0x1c3b2501...23287c337 | Etherscan

Address (EOA) | Balance: $357,950,537.76 across 1 Chain | Transactions: 518 | As at Oct-24-2025 07:09:27 PM (UTC)https://etherscan.io

At 23:59 UTC August 27th 2025, there was $66.589m within Ethena’s mint/redeem contract available to satisfy redemptions, as well as $61.763m in the Reserve Fund.

Reserve Fund Address: 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5

Mint/Redeem Contract: 0xe3490297a08d6fC8Da46Edb7B6142E4F461b62D3

All custodians have confirmed that the notional backing USDe is held within Copper and Ceffu of 23:59 UTC August 27th 2025.

In summary, as of the snapshot time:

USDe supply: 12.229bn
Copper custodied assets: $3.921bn
Ceffu custodied assets: $2.983bn
Coinbase Web3 Wallet assets: $5.277bn
Assets in mint/redeem: $66.589m
Total backing assets: $12.247bn
Reserve Fund: $61.763m
Total including Reserve Fund % of USDe: 100.66%

Ceffu Attestation:

Copper Attestation:

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