Ethena Labs, a Decentralized Finance (DeFi) firm, has released its latest triple attestation reports to affirm the underlying assets behind its USDe stablecoin valued at $2.67 billion. The reports also ensure that the assets are kept off-exchange within institutional custodial solutions.
Precisely, Copper Markets AG holds USDe reserves of $1.31 billion, CH Europe Digital Solution (CEFFU) holds USDe reserves of $1.33 billion, while Cobo Global HK Limited holds USDe reserves of $5.52 million.
According to the release, the USDe stablecoin had a backing rate of 101.74% as of May 24, 2024, which means that it was over-collateralized. Ethena Labs had its reserve fund prepared for emergencies at $42.3 million, while the mint/redeem contract had an available balance of $15.4 million for redemptions.
The company has continuously added more reserve assets to its reserves and collaborated with other liquidity pools, such as Frax Finance, over issues of systematic failures similar to earlier crypto crashes. Ethena Labs thus focuses on preventing such risks, striving to create a solid and transparent system that guarantees an independent evaluation of the backing assets, to increase the trust of the DeFi community.
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