The test of the off-exchange custody solution has arrived—

USDe has approximately $1.2 billion in funding exposure on Bybit;

Ethena Labs stated:

We understand the current situation with Bybit and will continue to monitor the developments.

A reminder: All spot assets supporting USDe are held in off-exchange custody solutions, including Bybit through Copper Clearloop, which is precisely for this reason. No exchange (including Bybit) holds a dollar of spot-backed value.

Currently, the total unrealized profit and loss related to hedging positions with Bybit is less than $30 million, which is less than half of the reserves. At present, the collateralization rate of USDe still exceeds the total. We will provide updates as we receive them.

Currently, the exchange rate of USDe has not been significantly affected.

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