Ethena Enlists Kraken, Anchorage and Zodia to Protect $5B in Stablecoin Assets
Ethena announced it has broadened its custody arrangements by engaging Kraken, Anchorage and Zodia to secure roughly $5 billion in stablecoin assets while the protocol moves backing into treasury assets. The multi-custodial setup complements Ethena’s transition away from on-chain collateral, aiming to provide stronger operational controls and clearer segregation of reserves.
The shift matters because institutional custody partners can reduce counterparty concentration and bolster market confidence in ENA-backed tokens, improving appeal to risk-sensitive investors and counterparties. While details on timelines and audits remain limited, the arrangement signals Ethena’s push toward more traditional treasury practices and could ease regulatory and partner scrutiny as the protocol scales.