Developers at Ethena have addressed concerns regarding the impact of the recent Bybit hack on the peg of their stablecoin USDe. They reassured investors that all spot assets backing USDe are held in over-the-counter custody solutions, with no spot collateral held on any exchange, including Bybit. The total unrealized PNL losses on Bybit hedge positions are less than $30 million, which is less than half of the reserve fund. Ethena developers confirmed that USDe is currently fully collateralized and will provide updates as the situation unfolds.



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