DeFi Intel

Ethena Treasury Holdings protocol

As of 2026-04-20 · Source: Ethena Labs transparency dashboard · view source

← Back to Ethena profile

Synthetic-dollar protocol — USDe collateral is delta-neutral (spot stETH/BTC long, perp short on CEX prime brokers Copper/Ceffu/Fireblocks). USDtb is fully backed by BlackRock BUIDL.

$13.36BTotal disclosed value
5Asset positions
0Public wallets
2026-04-20As of

Asset holdings

AssetAmountUSD value (disclosed)
USDe (issued)
USDe supply (delta-neutral)
5,900,000,000$5.90B
USDtb (issued)
USDtb supply (BUIDL-backed)
1,450,000,000$1.45B
ETH
Spot ETH/LST collateral
880,000$2.06B
BTC
Spot BTC collateral
32,400$2.50B
AUM (USD)
BUIDL allocation backing USDtb
1,450,000,000$1.45B

Methodology

Treasury values are revised quarterly using public 13F / 13G / 8-K filings, issuer disclosures, and labeled on-chain wallets (Arkham, Chainalysis published lists). USD values are seed values from the disclosure date and may differ from current spot. See the methodology page for full details.

Watch Ethena's treasury

Follow on-chain treasury moves and quarterly disclosures from Ethena and the rest of DeFi Intel's coverage universe.