Transparency

New Custodian: Anchorage

We are excited to announce that Anchorage Digital Bank is now one of the custodians supporting the backing assets of USDe.

Anchorage Digital Bank joins Copper and Ceffu as the custodians utilised by the protocol.

Anchorage Digital Bank’s custody solution was thoroughly reviewed and has been approved by the Ethena Risk Committee.

Anchorage Digital Bank is America’s first federally chartered crypto-native bank, and operates under strict oversight via the Office of the Comptroller of Currency. Anchorage Digital Bank’s custody offering is extensively used by many top-tier institutional customers and is one of the most robust custody solutions available.

The addition of a new custodian further mitigates a core risk to the protocol, given that all of the backing assets of USDe reside in institutional custody solutions.

The segregated wallets that will be utilized upon launch are:

ETH: 0xAFBb1a7E9ddEf38D9bC4A220E702B18DAcaa2a62
ETH: 0xF270a1D7C68002Da1ec8359F3958D4ec015729dE

Beginning in January 2026, Anchorage Digital Bank will provide monthly signed Custodian Attestations that are published publicly. The addresses above, and any future addresses the protocol might use, will be a part of the weekly published Proof of Reserves.

Anchorage Digital Bank’s custody offering will also be integrated within our replenishment workflows of the USDe MintRedeem smart contract that enables onboarded users to redeem USDe for stables, on-demand, 24/7/365.

USDe RWA Backing Diversification: Extending Beyond Treasuries

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,

Custodian Attestations of Assets Backing USDe: May

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

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Ethena has partnered with Atelligo, an intelligence and remediation platform purpose-built for phishing detection, brand protection, and coordinated takedown operations.

Extending the Basis Trade to Commodities: An Analysis of Gold Perpetuals

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

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USDe RWA Backing Diversification: Extending Beyond Treasuries

Custodian Attestations of Assets Backing USDe: May

Design for Adversity: Atelligo

Extending the Basis Trade to Commodities: An Analysis of Gold Perpetuals