Copper, a firm enabling digital assets custody, collateral management, and prime services, is pleased to announce that they are the “first” custodians to support native mint and redeem capabilities for Ethena digital assets in their platform. Through expanding their partnership with Ethena, “a decentralized finance protocol, they are introducing direct, in-platform mint and redeem functionality for USDe to improve operational efficiencies.”
Clients are now reportedly able to access USDe and “associated discretionary rewards without the need for external processes, third parties or additional integrations, resulting in accessibility.”
Since December of 2024, they have offered institutional clients the “ability to earn discretionary rewards when holding USDtb and USDe assets on Copper’s secure custody platform.”
This development marks a key milestone in their “commitment to enhancing operational efficiency and delivering a superior experience for digital asset trading and technology clients such as Flowdesk, one of the first to natively mint and redeem Ethena’s assets through Copper.”
Greg Guttas, Head of OTC Trading, Flowdesk said that the “ability to natively mint and redeem Ethena’s assets directly through Copper allows them to seamlessly swap between USDe and USDtb within the same platform.”
This not only streamlines their operations but also “enables them to earn rewards on our balances through Copper’s partnership with Ethena.”
This feature now reportedly represents an advancement “for the industry enhancing accessibility and usability whilst clients’ assets remain secure, accessible, and segregated in users’ accounts leveraging Copper’s MPC security model.”
This rewards program operates on a “discretionary basis.”
As mentioned in the announcement, the allocation and amount of any rewards are “not guaranteed and are determined solely at the discretion of Copper.”
As clarified in the update, participation in the program does “not create any contractual entitlement or legitimate expectation to receive rewards.”
As noted in the update, Ethena is described as “a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated rewards instrument – the ‘Internet Bond’.”
