Ethena said its latest reserve figures showed USDe with more than $60 million in excess collateral, alongside a collateralization ratio above 101% on Oct. 30.
The dollar amount and ratio express the reported cushion in different ways: one gives the surplus in money, while the other measures collateral against the amount of USDe backed.
Ethena said independent providers generally issue reserve attestations weekly, and it named Chainlink and Llama Risk among them. Ethena said Binance and other centralized trading platforms did not directly hold any funds backing USDe.
That statement concerns where collateral is stored. It does not specify the venues where Ethena conducts hedges, a separate function described in earlier EconoTimes coverage of Ethena’s USDe hedging setup. The earlier report said the firm used centralized exchanges for hedge trades while off-exchange custodians retained the backing assets, which could be made available for hedges without being transferred to those exchanges.
