Ethena Labs has taken a major step toward improving stablecoin transparency by launching a Proof of Reserves (PoR) system for its synthetic dollar, USDe, in partnership with top-tier blockchain infrastructure providers. Notably, Chainlink has joined the initiative as an official attestor, alongside Harris & Trotter, Chaos Labs, and LlamaRisk. The new framework aims to provide real-time, independently verified data on USDe’s backing assets—enhancing user confidence and trust in the stablecoin ecosystem.
Chainlink Powers Weekly Reserve Attestation
Chainlink’s decentralized oracle infrastructure will serve as the backbone for Ethena’s PoR mechanism. According to Ethena Labs, this integration allows the protocol to source reserve data directly from custodians, blockchains, and exchanges, providing reliable and tamper-proof insights into USDe’s backing.
Unlike traditional monthly custodian reports, Ethena’s Proof of Reserves will offer more frequent, trust-minimized, and publicly accessible updates. Users can view reserve attestations on both Ethena’s Transparency page and across partner platforms.
“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,” Ethena Labs stated in its announcement.
Transparent Breakdown of Backing Assets
In a recent disclosure, Ethena revealed details of its reserve composition as of March 29, 2025. The report showed that USDe’s supply stood at 5.247 billion, backed by:
$3.211 billion held in Coinbase Web3 wallets
$0.914 billion with Copper
$0.959 billion in Ceffu custody
Additionally, Ethena reported $123 million in unrealized profits based on the valuation of these assets—highlighting the financial strength and sustainability of the USDe stablecoin system.
A Growing Ecosystem of PoR Integrations
Ethena’s use of Chainlink’s technology reflects a broader trend in the digital asset space. Other industry leaders, including 21Shares, have adopted Chainlink PoR to validate backing for Ethereum ETFs and wrapped Bitcoin tokens across Solana and Ethereum.
By incorporating Chainlink’s proven solution, Ethena joins a growing network of institutions using decentralized verification frameworks to bring transparency to on-chain and off-chain asset management.
Conclusion: Setting a New Standard for Stablecoin Integrity
With growing scrutiny around stablecoins and their backing mechanisms, Ethena Labs’ Proof of Reserves integration marks a meaningful step toward financial transparency and decentralization. By leveraging Chainlink’s infrastructure alongside reputable attestors like Harris & Trotter and Chaos Labs, USDe is positioning itself as a trustworthy alternative in the stablecoin market.
As the synthetic dollar gains traction, these measures could help Ethena Labs establish a new standard for trust and accountability in the evolving landscape of decentralized finance.
