Following a major hack at the Bybit exchange, Ethena has provided updated information regarding their USDe stablecoin situation.
Ethena Developers' Position
Ethena's developers have stated that they are monitoring the evolving situation with Bybit. They reminded that all spot assets backing the stablecoin USDe are held in over-the-counter custody solutions, such as Bybit via Copper Clearloop.
USDe Reserves Situation
According to the statement, not a single dollar of spot collateral is held on any exchange, including Bybit. Currently, the total unrealized PNL losses on Bybit hedge positions are under $30 million, less than half of the reserve fund. USDe is currently fully collateralized.
Ecosystem's Future Steps
The developers assured that updates will be shared as they become available, ensuring maximum transparency for users.
Ethena remains committed to transparency and security, assuring investors of the full collateralization of the USDe stablecoin despite external circumstances.
