- Chainlink has joined the PoR initiative for USDe
- Ethena Labs has also engaged Harris & Trotter, Chaos Labs and LlamaRisk
- Other original Custodian Attestations Copper, and Ceffu
- As of March 29, 2025, USDe’s collateralization rate was 101.19%
Chainlink has joined the PoR initiative for USDe, and Ethena Labs has also engaged Harris & Trotter, Chaos Labs and LlamaRisk, and other initial attestors like Copper, and Ceffu. As of March 29, 2025, USDe’s reserve fund rate was 101.19%, with over $5.2 billion in supply.
More About USDe Proof of Reserves Initiative
Not the most important stablecoin, especially compared to USDT, is still making significant initiatives toward transparency, accountability, and sustainability with its Proof of Reserves initiative and independent attestation. On April 1, we saw an announcement that custodians like Coinbase Web3 Wallets, Copper, and Ceffu are approving $5.248 billion in reserves. Specifically:
- Copper assets: $0.914bn
- Ceffu assets + unrealized PnL: 1.082bn
- Coinbase Web3 Wallet assets: $3.211bn
Now, other major players have joined, notably Chainlink, Harris & Trotter, Chaos Labs, and LlamaRisk are acting as independent attestors in a new PoR program for USDe. This includes weekly reserve checks and reporting.
This is a pretty strong move to promote USDe and a solid initiative to build trust with investors and users to compete with Tether and Circle. At the moment, USDe is still significantly behind the stablecoin market leader Tether:
USDT
- Market Cap $144,286,931,286
- Fully Diluted Valuation $144,286,931,286
- 24 Hour Trading Vol $30,509,655,312
- Circulating Supply 144,342,486,102
- Total Supply 144,342,486,102
USDe
- Market Cap $5,007,184,855
- Fully Diluted Valuation $5,007,184,855
- 24 Hour Trading Vol $52,209,280
- Circulating Supply 5,014,941,114
- Total Supply 5,014,941,114
Conclusion
This way, USDe will be constantly monitored by the big players who are unlikely to risk their reputation. This is quite a strong move, but the competition is fierce, even though there are not so many players. Let’s see how Ethena’s USDe will develop further and what place it will take in DeFi. Be aware and stay tuned for updates on the rapidly reshaping financial, crypto, and digital landscape.
