Bittime - Ethena, the protocol behind the USDe stablecoin, has just increased their transparency. All custodians integrated with Ethena will now provide monthly reports.
The report ensures that assets that support USDe are stored in special storage places, not on exchanges (crypto asset buying and selling platforms). These assets are stored using institutional standard security solutions.
These monthly reports will begin to be published on the Ethena governance forum from now on.
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The purpose of this monthly report is to provide users and stakeholders with the latest information on a regular basis. This report will contain the types and locations of assets that support USDe.
Also read: Ethena Labs Strengthens USDe with Bitcoin Support
This step was taken as a response to the increasing need for transparency in crypto assets that are backed by other assets (asset-based cryptocurrency). With this structured disclosure, Ethena seeks to build public trust.
Ethena Details USDe Supporting Assets in New Report
Starting April 2024, Ethena will begin releasing detailed monthly reports on assets that support USDe. On April 15, 2024 at 10:22 WIB, the total supply of USDe was $2.359 billion.
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Most of these assets are held by well-known security service providers. In detail, Copper holds $1.279 billion, and Ceffu holds $1.066 billion. Additionally, Cobo kept a smaller portion, amounting to $4.871 million.
This monthly report not only reveals the location of asset storage, but also validates unrealized profits or losses. This verification further deepens the financial openness guaranteed by Ethena.
Also read: Ethereum Based Altcoin: Ethena (ENA) on Binance
Ethena plans to continue to improve the completeness of this report in the future. They intend to add external verifiers and more comprehensive data illustrations.
Strengthened Liquidity and Security Guarantees
Ethena also provides assurance to stakeholders that they will continue to maintain liquidity and security in their activities. As of the same reporting date, Ethena's mint/redeem contract had $15.65 million in redeemable assets.
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Additionally, there is a reserve fund of $32.71 billion. All custodians have provided verification of these figures, ensuring that the value of USDe's backing assets is stored in their security solutions.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Everything You Need to Know About Ethena (ENA) Listing on Binance
Ethena vs MEW: Which Crypto Investment is Most Suitable?
Ethena Airdrop Distribution: Providing Benefits to Ethana Shard Holders
Mantle Launches Sharding with Ethena: Towards Higher Ethereum Scalability
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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