Ethena Labs releases triple USDe attestation Synthetic dollar issuer Ethena Labs released three custodian attestations for assets backing its $2.67 billion-strong USDe token hedged by crypto-denominated currencies including Bitcoin (BTC) and Ether (ETH).
According to the defi startup, Ethena’s stablecoin holds $1.31 billion and $1.33 billion of its stablecoin reserves with Swiss firm Copper Markets AG and CH Europe Digital Solution (CEFFU) respectively. Cobo Global HK Limited manages the remainder of USDe’s assets worth $5.52 million. Ethena Labs also boasts a $42.3 reserve fund for emergency purposes.
The triple attestation shared on May 27 claimed USDe boasted a 101.74% backing rate, meaning the asset was over-collateralized and could accommodate redemptions if every user chose to liquidate, per the issuer.
