Ethena Labs has teamed up with Chainlink, Harris & Trotter, Chaos Labs, and LlamaRisk to introduce proof of reserves for its synthetic dollar stablecoin.
Chainlink (LINK) and the other companies have joined Ethena (ENA) Labs in this endeavor, serving as attestors for the stablecoin’s proof of reserves. This partnership aims to improve transparency for the Ethena USD token.
“In contrast to our monthly custodian reports, Proof of Reserves provides increased frequency, independent oversight, and a structure that is secure, extensible, and inherently trustless,” stated Ethena Labs in a recent announcement.
Proof of Reserves (PoR) will be accessible to the public through the protocol’s “Transparency” page. Additionally, the proof of reserves for USDe will be displayed on partner websites, as indicated by the Ethena Labs team.
By transparently showcasing verified reserve data, Ethena aims to provide independent verification of USDe’s circulating supply against its reserve assets. As a stablecoin, USDe is required to be fully backed by equivalent assets held off-chain.
Chainlink will facilitate Ethena Labs’ weekly proof, utilizing the oracle network’s infrastructure to obtain PoR information directly from custodians, blockchains, and exchanges.
Earlier this month, Ethena published a report on the assets backing USDe held through custodial solutions, revealing that as of March 29, 2025, the USDe supply totaled 5.247 billion. Of this amount, $3.211 billion was stored in Ethena’s Coinbase web3 wallets, $0.914 billion was confirmed to be held by Copper, and $0.959 billion was retained within the Ceffu solution.
At that time, Ethena’s unrealized profits related to these assets were noted to be $123 million.
Ethena’s integration of Chainlink’s technology is in line with other use cases, such as asset manager 21Shares’ employment of the platform’s PoR for its Ethereum (ETH) exchange-traded fund. The parent company of 21Shares, 21.co, has also utilized the Chainlink proof of reserves for wrapped Bitcoin on both the Solana and Ethereum blockchains.