Transparency

New Custodian: Kraken Custody

We are excited to announce that Kraken Custody is now one of the custodians supporting the backing assets of USDe.

Kraken Custody joins Copper, Ceffu, and Anchorage Digital Bank as the custodians utilized by the protocol.

Kraken Custody's solution was thoroughly reviewed and has been approved by the Ethena Risk Committee.

Kraken Custody is a qualified digital asset custodian operated by Kraken's U.S. state-chartered bank. Built for institutional clients, Kraken Custody operates within a clear regulatory framework with stringent safety and soundness requirements. Kraken Custody's security architecture incorporates multi-layer protections, including hardware security modules (HSMs) and multi-party computation (MPC).

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.

Beginning in January 2026, Kraken Custody will provide monthly signed Custodian Attestations that are published publicly.

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

Design for Adversity: Atelligo

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