CUSTODY UPDATE: Ethena Labs has officially onboarded Kr ak en Custody as a key partner to manage the backing assets for its synthetic dollar, USDe, as of January 6, 2026. $ENA $USDE

Following a rigorous review by the Ethena Risk Committee (ERC), Kra ke n Custody joins an elite group of "Off-Exchange Settlement" (OES) and institutional providers tasked with securing the protocol's multi-billion dollar collateral pool. Kr ak en's inclusion highlights Ethena's commitment to jurisdictional and provider diversification, ensuring the $11.75 billion in USDe backing is maintained in fully segregated, bankruptcy-remote, cold-storage vaults. $ETH

Ethena’s 2026 "Institutional" Custody Stack

- Kr ake n Custody: Newest addition; a U.S. state-chartered bank providing qualified custody and participating in monthly attestations and weekly Proof of Reserves starting this month.

- Anchorage Digital: The first federally licensed crypto-native bank in the U.S., providing federally regulated custody and monthly publicly available proofs.

- Copper: A primary OES partner enabling institutional clients to natively mint and redeem USDe while assets remain in secure MPC custody.

- Ceffu: A key off-exchange settlement provider that facilitates delta-hedging workflows without moving assets from secure cold storage.