Ethena has pledged to publish verification reports monthly as part of its transparency push.

Ethena Labs, the entity behind the synthetic dollar USDe, has released its first validation report for the asset, which shows that the stablecoin USDe remained fully collateralized over the past week, despite major turmoil in the crypto markets last week.

The report follows a brief decoupling event during a broad market downturn over the weekend.

Verification Report

As of April 15, the current supply of USDe is $235.8 million. The total value of assets including Bitcoin, Ethereum, Liquid Collateralized Ethereum, and Tether’s USDT stablecoin totals $2.365 billion, reflecting $32.7 million in excess reserves.

These assets are held by three different custodians. Copper manages $1.279 billion, Ceffu manages $1.066 billion, and Cobo manages $4.871 million. All assets backing USDe are securely held in institutional-grade custody solutions in a non-exchange environment.

Additionally, $15.65 million is held in Ethena’s minting/redemption contracts, while $32.7 million is held in a reserve fund address.

The agreement said it represented its efforts to increase transparency and pledged to provide monthly updates to the public.

pressure test

The release of the validation report comes after the USDe experienced a brief decoupling episode over the weekend amid market turmoil sparked by Iran’s attack on Israel.

On April 13, the value of USDe fell to a low of $0.995 before returning to its $1 peg as market conditions improved.

Seraphim Czecker, head of growth at Ethena, praised the USDe for its resilience during the market turmoil, saying it passed its first stress test.

However, different voices have put forward different views, claiming that the inherent volatility of the crypto market makes the recent price drops normal. Therefore, they believe that the protocol may face higher risks if the market experiences a larger drop.

Eric Forgy, founder of crypto company CavalRe, said:

This was not a stress test. By crypto standards, it was just a normal afternoon. Let’s wait and see what happens if Ethereum experiences a 40%+ daily move. #USDe  #压力测试