Custodian Attestations of Assets Backing USDe: September

In providing transparency of Ethena protocol’s backing assets, we are excited to share our twenty-second 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 September 27th 2026, the circulating USDe supply was 4.949bn as per the Etherscan link below:

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

$0.668bn has been verified to be held within solutions offered by Copper as of 23:59 UTC September 27th 2026, including unrealized P&L.

$0.675bn has been verified to be held within solutions offered by Ceffu as of 23:59 UTC September 27th 2026.

$0.657bn has been verified to be held within solutions offered by Anchorage Digital Bank as of 23:59 UTC September 27th 2026.

$41,691 has been verified to be held within solutions offered by Kraken Custody as of 23:59 UTC September 27th 2026.

$0.236bn has been verified to be held within solutions offered by Anchorage Digital Bank and Bitgo, and Kraken Custody for the Ethena x FalconX SPV as of 23:59 UTC September 27th 2026.

$7.90m has been verified to be held within segregated & regulated margin accounts by Ripple Prime, Ethena BVI Ltd’s FCM used to access the Chicago Mercantile Exchange (“CME”) and the Coinbase Derivatives Exchange (“CDE”).

At 23:59 UTC September 27th 2026, there was $2.62bn within Ethena’s Coinbase Onchain Wallets as per the 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

https://debank.com/profile/0x3E9924b65Eb75d05B7448305e66d1f490E70623D

https://debank.com/profile/0x1A52abd3DE0cACEB71C5871386BEc4f6EB80Cc8e

https://debank.com/profile/0xc1f00a3b50CBF62D91A0bEd27E978eAed0470e58

https://debank.com/profile/0x61E614EC5e2F282Ca42f313Afacb45738DdACDae

https://debank.com/profile/0xB127F6f301dE26c72a4F4B65F2F15E12FAe31E0b

https://debank.com/profile/0xa13FEe3E98808Fe0aB4Ae86509C6a068b3d24174

https://solscan.io/account/C23FGxQB2LsoTbZsQr5w3R7b3sw5saxPLGJ4ujvyH34L

https://solscan.io/account/4FaQc6QZ5skFjcDF64mKcXRhtCCsnArZcr1xumPNrbtN

At 23:59 UTC September 27th 2026, there was $89.230m within USDe’s MintRedeem Smart Contact available to satisfy redemptions, as well as $62.095m 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 September 27th 2026.

In summary, as of the snapshot time: