.chainlink’s “Proof of Reserve” service relies on 16 data sources to report that Paxos’s USDP and PAXG stablecoins are fully-backed. But all of those sources get their data from the same place: Paxos itself skesslr reports
Archblock’s about-face came alongside rumors that some people were having issues redeeming TUSD tokens. At one point, the price of TUSD on Bianance briefly dropped to 80 cents. All the events sparked concerns with TUSD’s solvency.
Regular attestations are better than no attestations at all, but with limited transparency come additional questions. For instance, what good is “proof” that reserves exist if a portion of them – however miniscule – are locked up with a collapsed financial institution? Chainlink doesn’t hide these caveats. At the bottom of its proof-of-reserve dashboard, the oracle firm cautions that “feeds can vary in their configurations” and warns app-builders that they “are solely responsible for reviewing the quality of the data that you integrate into your smart contracts.” While projects like Paxos self-attest to their data, most report their reserve data to Chainlink via auditors or directly from custodians.
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