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

Ethena Labs put USDe’s unrealized profit-and-loss exposure to Binance at about $8.8 million, a figure it compared with an excess reserve fund above $60 million as it described how collateral tied to exchange positions is held. Ethena made the disclosure Oct. 29 but did not give a measurement time or explain how it calculated the exposure. It described unrealized exposure, not a confirmed loss. The protocol said collateral associated with exchange positions is held with off-exchange custodians. Binance said Oct.