Custodian Attestations of Assets Backing USDe: January
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.
Monthly attestation reports complement both our real-time Transparency dashboards as well as our weekly Proof of Reserves publications.
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 January 19th 2026, USDe supply was 6.472bn as per the Etherscan link below:
https://etherscan.io/token/0x4c9edd5852cd905f086c759e8383e09bff1e68b3
$0.908bn has been verified to be held within solutions offered by Copper as of 23:59 UTC January 19th 2026, including unrealized P&L.
$1.604bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC January 19th 2026. A screenshot of the Binance Account Statement as of 23:59 UTC January 19th 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.
$1.103bn has been verified to be held within solutions offered by Anchorage Digital Bank as of 23:59 UTC January 19th 2026.
$0.698bn has been verified to be held within solutions offered by Kraken Custody as of 23:59 UTC January 19th 2026.
At 23:59 UTC January 19th 2026, there was $1.943bn 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
At 23:59 UTC January 19th 2026, there was $93.735m within USDe’s MintRedeem Smart Contact available to satisfy redemptions, as well as $62.036m 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 January 19th 2026.
In summary, as of the snapshot time:
- USDe supply: 6.472bn
- Copper custodied assets: $0.908bn
- Ceffu custodied assets + unsettled balances: $1.735bn
- Anchorage Digital Bank custodied assets: $1.103bn
- Kraken Custody custodied assets: $0.698bn
- Coinbase Onchain Wallet assets: $1.943bn
- Assets in USDe mint/redeem smart contract: $93.735m
- Total backing assets: $6.481bn
- Reserve Fund: $62.036m
- Total including Reserve Fund % of USDe: 101.10%
Ceffu Attestation:
Binance Account Statement Screenshot:
Copper Attestation:
Anchorage Digital Bank Attestation:
Kraken Custody Attestation:
