Ethena USDe

USDe

Terra

Fantom

Ethena

Ethena Labs pledged to publish monthly reports detailing custody and reserve information to improve transparency around its USDe stablecoin.&nbsp; 
Synthetic dollar issuer Ethena Labs <a href="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/bwzBngcOk-n9XB0venIjS1OPiSx3-39GDcqUaOABpgM" target="_blank" rel="">released</a> three custodian attestations for assets backing its $2.67 billion-strong <a href="https://crypto.news/price/usde/" target="_blank" rel="">USDe</a> token hedged by crypto-denominated currencies including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>).&nbsp; 
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.&nbsp;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.&nbsp; 
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. 
 You might also like: <a href="https://crypto.news/ethena-ust-concerns-developer/" rel=""> Developer raises concerns about Ethena becoming new UST </a> 
<h2 class="wp-block-heading" id="addressing-ethena-usde-concerns">Addressing Ethena USDe concerns</h2> 
Ethena’s post responds to community feedback after USDe’s mainnet launch in February. Following its debut of governance token <a href="https://crypto.news/price/ethena/" target="_blank" rel="">ENA</a>, and onboarding BTC as a hedge asset, many in the community grew concerned about a possible systemic failure reminiscent of the 2022 crashes. 
One of the prominent voices with doubts was Fantom developer Andre Cronje. As crypto.news <a href="https://crypto.news/ethena-ust-concerns-developer/" rel="">reported</a>, Cronje drew parallels between USDe, and TerraUSD (UST), an algorithm stablecoin designed by Do Kwon’s Terraform Labs.&nbsp; 
At its peak, UST commanded an $18 billion market cap. But when the token crashed, it triggered a $60 billion implosion across the Terra ecosystem and kickstarted a bankruptcy domino through the crypto landscape. 
Despite industry skepticism, USDe has <a href="https://crypto.news/ethenas-usde-stablecoin-market-cap/" rel="">garnered</a> user demand and has a market cap of nearly $3 billion per DefiLlama. Also, the protocol added more cryptocurrencies to its reserves and <a href="https://crypto.news/ethena-labs-usde-frax-pool/" rel="">tied</a> partnerships with liquidity pool providers like Frax Finance. 
 Read more: <a href="https://crypto.news/ethena-bybit-partner-to-integrate-usde-for-perpetual-futures/" rel=""> Ethena, Bybit partner to integrate USDe for perpetual futures </a>

Ethena Labs releases triple USDe attestation

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crypto.news

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