USDe developer Ethena Labs will connect to Cobo’s over-the-counter custody and settlement network SuperLoop to improve asset security and fund utilization.

According to official news, Ethena Labs, the developer of synthetic USDe based on Ethereum, announced that it has reached a cooperation with Cobo, a digital asset custody solution provider, and will be connected to Cobo's over-the-counter custody and settlement network SuperLoop. After connecting to Cobo SuperLoop, when a user mints USDe, Ethena's internal hedging system will open a short position on the exchange to hedge the delta risk brought by the user's assets. It is worth noting that stETH and other forms of collateral are not directly deposited into the exchange, but are seamlessly mapped through the Cobo Custody interface. This automated process has currently achieved 1:1 collateral mapping on Bitget, effectively It mitigates counterparty risks while enhancing institutional customers' confidence in Bitget. Cobo SuperLoop is the world's first exchange over-the-counter custody and settlement network, which allows trading teams to use collaborative custody based on multi-party computation (MPC) technology to achieve full control of assets when trading on the exchange, thus eliminating counterparty risk. and greatly mitigates potential security issues and misuse of funds.