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- Chainlink teams up with Ethena, Harris & Trotter, and Chaos Labs to enhance transparency through PoR for USDe stablecoin.
- Proof of Reserves (PoR) ensures real-time audits of USDe reserves, improving trust over traditional custodian reports.
- Weekly PoR updates will verify USDe’s reserves, sourced from custodians, exchanges, and blockchain for accuracy.
Ethena recently entered a partnership with Chainlink. Harris & Trotter, Chaos Labs, and LlamaRisk to develop a Proof of Reserves system for its USDe synthetic dollar stablecoin. The partnership is expected to ensure more transparency to the users through audits of the stablecoin’s reserve periodically.
These firms will act as official attestors of USDe’s reserves through the following partnership. Ethena Labs stated that Proof of Reserves is safer and less dependent on the trust in establishments compared to the monthly custodian reports. With PoR, the company wants to have assurance that the reserves of its token are verified from time to time.
Chainlink Ensures Accuracy
However, the specific reserve data will be made accessible to the users through Ethena’s “Transparency” page. Furthermore, the PROOF will be easily placed on the partner sites for the public to monitor and testify to the reserve status of USDe. This will make it easier to know whether the circulating supply of USDe corresponds to the reserve of assets backing up the token.
Ethena will use Chainlink’s oracle network in updating its PoR on weekly basis on its platform. The network will enable the synthetic dollar protocol to source and verify data from custodians, exchanges, the blockchain and other relevant entities. This will ensure the degree of the reserve data’s accuracy. It will help to achieve the ultimate goal of developing a trustless system.
Reserve Data and Profit
Ethena Labs recently released an evaluation based on USDe reserve assets and according to the assessment, on March 29, 2025. The circulation of USDe will be at $5.247 billion. The analysis of the obtained data revealed that approximately $3.211 billion were stored in Coinbase Web3 wallets of Ethena, $0.914 billion belonged to Copper, and $0.959 to Ceffu solution. Ethena also disclosed that those assets had an unrealized profit of $123 million at the time.
The integration with Chainlink is only one aspect of growing transparency in the crypto space. Other firms have also incorporated Chainlink’s PoR technology including 21Shares in the Ethereum-based exchange-traded fund and wrapped up its Bitcoin on the Solana and Ethereum blockchains.
The cooperation with Chainlink and Ethena Labs marks a new level of responsibility in the stablecoin market. It shows the need for secure and more transparent system for stablecoin. That confirm the collateral to be fully backed by reserves. Thus, Ethena Labs serves as a pioneer of a more reliable and genuine stablecoin solution by selecting Chainlink’s PoR.
