> For the complete documentation index, see [llms.txt](https://docs.tessera.pe/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tessera.pe/technicals/proof-of-reserve-por.md).

# Proof-of-Reserve (PoR)

Tessera integrates Chainlink Proof of Reserve (PoR) to bring on-chain transparency to tokenized private equity exposure.

***

### Tessera Partnership with Chainlink

By partnering with Chainlink, Tessera delivers:

* **Proof of Reserve (PoR):** Real-time on-chain verification that token supply matches underlying asset holdings

This gives Tessera transparent, on-chain reserve verification from launch.

***

### How Proof of Reserve Works

Tessera's PoR system combines traditional financial controls with blockchain transparency:

#### 1. Secure Custody & Independent Audit

Private equity exposure backing the live markets (T-SpaceX, T-Kalshi, and T-OpenAI) is held in segregated portfolios within a Cayman Islands segregated portfolio company (SPC). Independent auditors verify the asset holdings, creating the authoritative source of truth. The auditors' attestation is refreshed approximately monthly.

#### 2. Chainlink Oracle Network

Audited asset counts feed into Chainlink's decentralized oracle network, which validates data across multiple independent nodes before publishing on-chain.

#### 3. On-Chain Publication

Chainlink publishes real-time feeds on Solana showing:

* Asset holdings in each segregated portfolio
* Circulating supply of corresponding T-Tokens
* Reserve ratio confirmation

The feeds themselves are readable on-chain in real time. The attestation behind them — the independently audited asset count — is refreshed approximately monthly, so a feed reflects the most recent attested holdings rather than intra-month changes in the portfolio.

**Example: T-SpaceX reserves**

```
Feed: T-SpaceX / USD
- Verified underlying exposure: N units
- T-SpaceX supply in circulation: N tokens
- Reserve ratio: 1.00 (fully backed)
```

#### Live Feeds

The following live Proof of Reserve feeds are published through Chainlink SmartData (DataLink):

| Token    | Feed                                                                            |
| -------- | ------------------------------------------------------------------------------- |
| T-SpaceX | [tSpaceX / USD](https://data.chain.link/streams/tspacex-usd-smartdata-datalink) |
| T-Kalshi | [tKalshi / USD](https://data.chain.link/streams/tkalshi-usd-smartdata-datalink) |
| T-OpenAI | [tOpenAI / NAV](https://data.chain.link/streams/topenai--nav-streams)           |

Chainlink stream names carry a USD or NAV suffix. The values these feeds publish are **asset counts** — Proof of Reserve — not dollar valuations of the underlying holdings.

Additional feeds are published as new tokenized assets go live.

#### Why Asset Count (Not Dollar Value)?

Unlike platforms that report fluctuating dollar values, Tessera displays actual asset counts:

| Approach               | Benefit                                                                    |
| ---------------------- | -------------------------------------------------------------------------- |
| Objective verification | Asset counts are unambiguous and easily verified against portfolio records |
| No valuation disputes  | Eliminates subjective debates while maintaining price discovery on DEXs    |
| Clear 1:1 mapping      | Token supply cannot exceed verified asset holdings                         |
| Simple audits          | Auditors verify holdings, not complex valuation models                     |

***

### Benefits for the DeFi Ecosystem

#### For Protocols

* **Lending platforms:** Accept T-Tokens as collateral with real-time reserve verification
* **DEXs:** New asset class with 24/7 trading and verifiable backing
* **Developers:** Build derivatives and structured products

#### For Users

* Trade across Solana DEXs
* Access liquidity pools across the Solana ecosystem
* Verify reserve backing in real-time

***

### Why This Matters

Traditional private equity markets lack transparency even for accredited investors. Compliance-based platforms like Republic and Securitize still require trust in centralized intermediaries.

Tessera's Chainlink integration changes this: **permissionless access with cryptographic proof of reserves.**

Anyone can verify that token supply matches actual asset holdings—no KYC, no intermediaries, no trust assumptions.

***

### About the Integration

Chainlink secures tens of billions in DeFi value. Its Proof of Reserve solution is trusted by major RWA projects.

Tessera's integration includes:

* **Proof of Reserve:** Adapted from Chainlink's established PoR feeds for private equity verification

***

> High risk. DYOR. Not financial advice. tessera.pe/terms