Ethena said the collateral backing its synthetic stablecoin, USDe, is held off centralized exchanges with custodians rather than in Binance’s hot wallets. According to the protocol, its unrealized exposure to Binance totals about $8.8 million, compared with an excess reserve fund of more than $60 million. Independent attestors Chainlink and Llama Risk reportedly confirmed collateralization above 101%, representing an overcollateralization surplus of more than $60 million. Overall, about 18% of USDe collateral is exposed to real-world asset and crypto basis activities on centralized platforms, while $1.3 billion is deployed in decentralized lending through Aave and Morpho. The Binance attacker also sold roughly $34 million worth of ENA tokens for ether, pushing ENA down 16% below $0.19.
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