Ethena Labs Teams Up with Chainlink and More to Revolutionize Stablecoin Transparency!

Proof of Reserves Initiative Launches for Ethena's Synthetic Dollar

Hang onto your hats, crypto fans! Ethena Labs just dropped a bombshell by partnering with heavyweights Chainlink, Harris & Trotter, Chaos Labs, and LlamaRisk to kickstart a game-changing proof of reserves (PoR) for their synthetic dollar stablecoin. This isn't just news; it's a revolution in the making!

Chainlink (LINK) and the crew are now the official attestors for Ethena (ENA) Labs' stablecoin, and they're set to crank up the transparency dial for the Ethena USD token. We're talking about a whole new level of openness here!

"Forget those monthly custodian reports; our Proof of Reserves is where it's at! More frequent, independently overseen, and designed to be secure, extensible, and trustless by default," Ethena Labs declared with a bang in their latest announcement. They're not messing around!

And guess what? PoR is for everyone! You can check it out on the protocol's "Transparency" page, and it'll be splashed across partner websites too. Ethena Labs is making sure you can see the USDe proof of reserves from every angle!

By flashing verified reserve data to the world, Ethena is putting its money where its mouth is, confirming that USDe's circulating supply matches its reserve assets. As a stablecoin, USDe needs to be fully backed, and Ethena's not taking any shortcuts!

Chainlink's stepping up to the plate, powering Ethena Labs' weekly proof with its oracle network's infrastructure. This means the synthetic dollar protocol can pull PoR info straight from custodians, the blockchain, and exchanges. It's like having a super-powered transparency machine!

Just this month, Ethena released a jaw-dropping assessment of the assets backing USDe. As of March 29, 2025, the USDe supply was a whopping 5.247 billion. And get this: $3.211 billion was chilling in Ethena's Coinbase web3 wallets, $0.914 billion was verified at Copper, and $0.959 billion was hanging out in the Ceffu solution. Talk about a diversified portfolio!

And the cherry on top? Ethena's unrealized profits from these assets were sitting pretty at $123 million at the time. Cha-ching!

Ethena's not stopping there. They're tapping into Chainlink's tech, just like asset manager 21Shares did for its Ethereum (ETH) exchange-traded fund. And 21.co, the parent company of 21Shares, is also using Chainlink's PoR for wrapped Bitcoin on the Solana and Ethereum blockchains. It's a Chainlink party, and everyone's invited!