In a most delightful twist of fate, Ethena Labs has conspired with the illustrious Chainlink, the venerable Harris & Trotter, the whimsical Chaos Labs, and the ever-pragmatic LlamaRisk, to unveil a proof of reserves for its synthetic dollar stablecoin. One can only imagine the soirée of intellects that must have transpired!
Chainlink (LINK) and its merry band of firms have gallantly joined Ethena (ENA) Labs’ noble quest as the esteemed attestors of the stablecoin’s proof of reserves. This collaboration, dear reader, promises to sprinkle a touch of transparency upon the Ethena USD token, like a fine dusting of powdered sugar on a rather uninspired cake.
“In comparison to our monthly custodian reports, Proof of Reserves offers a veritable cornucopia of frequency, independent oversight, and a design that is as secure as a cat in a room full of rocking chairs,” quipped the wise sages at Athena Labs in their grand announcement.
Ah, the marvels of PoR! It shall grant access to all, as if it were a grand ball where everyone is invited, available via the protocol’s “Transparency” page. The USDe proof of reserves will also grace the websites of our esteemed partners, like a well-dressed guest at a soirée.
By publicly displaying verified reserve data, Ethena shall bestow upon us the independent confirmation of USDe’s circulating supply versus its reserve assets. For, as a stablecoin, USDe must be as fully backed by equivalent assets off-chain as a gentleman must be by his impeccable manners.
Chainlink shall lend its formidable powers to Ethena Labs’ weekly proof, with the oracle network’s infrastructure allowing the synthetic dollar protocol to source PoR information directly from custodians, the blockchain, and exchanges. A veritable symphony of data, if you will!
Earlier this month, Ethena unveiled an assessment of the assets backing USDe held at custodial solutions, revealing that as of March 29, 2025, the USDe supply stood at a staggering 5.247 billion. A princely sum indeed! Of this, $3.211 billion was nestled within Ethena’s Coinbase web3 wallets, $0.914 billion verified as held by Copper, and $0.959 billion within the Ceffu solution. Quite the treasure trove!
At that time, the unrealized profits for Ethena in relation to the assets stood at a rather impressive $123 million. One can only dream of such fortunes!
Ethena’s dalliance with Chainlink’s technology aligns splendidly with other integrations, such as the asset manager 21Shares’ use of the platform’s PoR for its Ethereum (ETH) exchange-traded fund. The parent company, 21.co, has also embraced the Chainlink proof of reserves for wrapped Bitcoin on the Solana and Ethereum blockchains. Truly, a match made in financial heaven!
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2025-04-11 23:39