Ethena has taken a significant step towards transparency by releasing its July asset custody proof report for USDe, providing stakeholders with a detailed breakdown of the digital currency's backing. As of July 24, 2024, the report reveals that the total supply of USDe stands at 3.401 billion, with a robust asset custody framework in place to support it.

The report highlights the distribution of assets under custody across three prominent custodians: Copper, Ceffu, and Cobo. Copper holds $1.819 billion in assets, while Ceffu has $1.554 billion, and Cobo has $5.25 million. Additionally, the report notes that the minted and redeemed assets total $30.02 million, with a reserve fund of $45.45 million. This reserve fund plays a crucial role in maintaining the stability and security of USDe.

The total assets, including the reserve fund, amount to $3.408 billion, representing 101.55% of the US dollar value. This excess ensures that the total support assets surpass the USDe supply, providing confidence to stakeholders in the digital currency's backing. Ethena's commitment to transparency is evident in the detailed breakdown of assets under custody, demonstrating the company's dedication to maintaining a robust and secure framework for USDe.

The release of this report is a testament to Ethena's focus on building trust and confidence in its digital currency. By providing stakeholders with a clear understanding of the assets backing USDe, Ethena is setting a high standard for transparency in the industry. As the digital currency landscape continues to evolve, Ethena's commitment to transparency and robust asset custody will be essential in maintaining stakeholder trust.

The comprehensive nature of Ethena's asset custody report highlights the company's dedication to ensuring the stability and security of USDe. With a robust asset custody framework in place, Ethena is well-positioned to maintain stakeholder confidence and drive adoption of its digital currency.