USDe chain review of October 12, 2026, figures carried into this review.

The review "USDe Supply by Chain, Reconciled to Ethereum, Oct 12, 2026", prepared the same day and not yet
published, read Ethena's USDe OFT adapter on Ethereum, 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34, and USDe on
35 other chains at about 18:41 UTC on October 12, 2026. Its out/results.json had the SHA-256
ad7789f863350418a16fab5c84fe008a5a0acb621192cc2d428dee7a438b40f0 and its inputs/chain/ethereum.json
942abb37b708f52a3daff0ade60ea3074df3ae1973d3855637cf06e718d84bf9.

Figures used. The adapter's token() was USDe, 0x4c9edd5852cd905f086c759e8383e09bff1e68b3, and its
approvalRequired() was true, so it locks USDe on Ethereum when USDe moves to another chain rather than burning
it. At Ethereum block 26,178,253, 18:41:35 UTC, USDe's total supply on Ethereum was 4,746,167,897.22 and the
adapter held 2,292,201,958.40 of it, 48.30%. The USDe on the 35 other chains read came to 2,292,201,862.94,
within 95.45 USDe of the adapter's balance. USDe's total supply on Ethereum therefore counts the USDe locked to
back USDe on other chains, and the USDe on other chains is not in addition to it.
