Ethena Labs has partnered with Chainlink, Harris & Trotter, Chaos Labs and LlamaRisk, to launch proof of reserves for its synthetic dollar stablecoin.
Through their participation in Ethena Labs’ effort, Chainlink and the other companies became the stablecoin’s proof-of-reserves-attesting entity. Through this agreement, the Ethena USD token will be able to benefit from more transparency.
The “Transparency” page of the protocol will make PoR accessible to all. On top of that, the Ethena Labs team said that USDe proof of reserves will also be available on partner websites.
Ethena will bring about independent validation of USDe’s circulating supply compared to its reserve assets by publicly posting verified reserve statistics. Since USDe is a stablecoin, it is required to be fully backed by assets that are equal off-chain.
Chainlink will assist in powering Ethena Labs’ weekly proof, and its oracle network infrastructure will enable the synthetic dollar protocol to directly obtain proof of work information from custodians, the blockchain, and exchanges.
At the beginning of this month, Ethena published an evaluation of the assets that support USDe and are stored at custodial solutions. The attestations revealed that the supply of USDe was 5.247 billion as of the 29th of March, 2025.
Ethena’s Coinbase web3 wallets included a total of $3.211 billion, whereas Copper’s accounts contained a total of $0.914 billion, and the Ceffu solution contained a total of $0.959 billion. One hundred twenty-three million dollars was the amount of unrealized earnings that Ethena had in relation to its assets at the time.
The fact that Ethena is utilizing Chainlink’s technology is in line with other integrations, such as the fact that asset manager 21Shares is utilizing the platform’s Proof of Residence for its Ethereum exchange-traded fund.
On the Solana and Ethereum blockchains, 21.co, the parent business of 21Shares, has also adopted the Chainlink proof of reserves for the purpose of providing proof of reserves for wrapped Bitcoin.
