Ethena Labs Launches Proof of Reserves for USDe Stablecoin
Ethena Labs has teamed up with Chainlink, Harris & Trotter, Chaos Labs, and LlamaRisk to introduce proof of reserves for its synthetic dollar stablecoin, USDe. This collaboration aims to boost transparency for the stablecoin.
Proof of Reserves (PoR) will provide more frequent, independent oversight compared to monthly custodian reports. It’s secure, extensible, and trustless by design. The data will be accessible on Ethena’s “Transparency” page and partner websites.
By displaying verified reserve data publicly, Ethena will confirm that USDe’s circulating supply matches its reserve assets. As a stablecoin, USDe must be fully backed by equivalent off-chain assets.
Chainlink will support Ethena’s weekly PoR. Its oracle network allows the protocol to source information directly from custodians, the blockchain, and exchanges.
As of March 29, 2025, usde’s supply was 5.247 billion. Ethena’s assessment showed $3.211 billion in Coinbase web3 wallets, $0.914 billion with Copper,and $0.959 billion in Ceffu. Unrealized profits stood at $123 million.
Ethena’s use of Chainlink aligns with other integrations. For example, 21Shares uses Chainlink’s PoR for its Ethereum ETF. 21.co also adopted it for wrapped Bitcoin on Solana and Ethereum.
