Wu Blockchain (@WuBlockchain): Ethena Labs: All spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop. Not a single dollar of spo…
Estimated coin impact
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Ethena Labs: All spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop. Not a single dollar of spot backing value is held on any exchange, including Bybit. Currently there is <$30m of aggregate unrealised PNL relating to Bybit hedge positions, which is less than half of the reserve fund. USDe remains more than fully collateralised at this time. x.com/ethena_labs/st…