Ethena, the protocol behind the stablecoin USDe, has announced a new level of transparency by introducing monthly reports from all integrated depositaries. These reports confirm that the assets backing USDe are held in a non-custodial setting, with institutional-grade custodial solutions.

The purpose of these reports is to provide stakeholders with regular updates on the type and location of assets supporting the protocol. This move is in response to the growing demand for transparency in asset-backed cryptocurrencies. Ethena aims to build trust through these structured disclosures.

Starting in April 2024, Ethena will release monthly attestation reports detailing the assets supporting USDe. As of 10:00 UTC on April 15, 2024, the total USDe supply was $2.359 billion, with major custodial services holding significant portions. Copper holds $1.279 billion, Ceffu holds $1.066 billion, and Cobo holds $4.871 million.

These reports not only confirm the safekeeping of capital but also validate the unrealized profits or losses, further enhancing the financial transparency that Ethena promises. The protocol plans to make these attestations more comprehensive over time by adding external verifiers and more detailed data illustrations.

Ethena has also assured stakeholders that it will maintain liquidity and security in its operations. On the same reporting date, Ethena's mint/redeem contract had $15.65 million that could be redeemed, and there was an undivided reserve fund of $32.71 billion. All custodians have attested to these numbers, confirming that the notional backing of USDL is held within their solutions.