Ethena Puts USDe’s Unrealized Binance Exposure at $8.8 Million

Ethena reported USDe's unrealized exposure to Binance at $8.8 million, comparing it to an excess reserve fund exceeding $60 million. The protocol stated that collateral tied to exchange positions is held with off-exchange custodians, aiming to mitigate counterparty risk and reassure users about the stability of its synthetic dollar.