Ethena Labs has partnered with Chainlink, Harris & Trotter, Chaos Labs and LlamaRisk, to launch proof of reserves for its synthetic dollar stablecoin.
Chainlink (LINK) and the other firms joined Ethena (ENA) Labs’ initiative as the stablecoin’s proof of reserves attestors. The collaboration will help enhance transparency for the Ethena USD token.
“Compared to our monthly custodian reports, Proof of Reserves offers more frequency, independent oversight, and a design that’s secure, extensible, and trustless by default,” Athena Labs said in an announcement.
PoR will allow access to anyone, with these available via the protocol’s “Transparency” page. USDe proof of reserves will also be visible on partner websites, the Ethena Labs team added.
By publicly displaying verified reserve data, Ethena will bring independent confirmation of USDe’s circulating supply versus its reserve assets. As a stablecoin, USDe must be fully backed by equivalent assets off-chain.
Chainlink will help power Ethena Labs’ weekly proof, with the oracle network’s infrastructure allowing the synthetic dollar protocol to source PoR information directly from custodians, the blockchain and exchanges.
Ethena released an assessment of the assets backing USDe held at custodial solutions early this month, with the attestations showing that as of March 29, 2025, USDe supply stood at 5.247 billion. $3.211 billion was held within Ethena’s Coinbase web3 wallets, $0.914 billion verified as held by Copper and $0.959 billion within the Ceffu solution.
The unrealized profits for Ethena in relation to the assets stood at $123 million at the time.
Ethena’s tapping into Chainlink’s technology aligns with other integrations such as asset manager 21Shares use of the platform’s PoR for its Ethereum (ETH) exchange-traded fund. 21.co, the parent company of 21Shares also adopted the Chainlink proof of reserves for proof of reserves for wrapped Bitcoin on the Solana and Ethereum blockchains.
