> 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 T-Tokens, tokenized loan participation rights linked to private companies' pre-IPO valuations.

***

### Chainlink Integration

Through its Chainlink integration, Tessera publishes:

* **Proof of Reserve (PoR):** On-chain reserve data, updated with each auditor attestation, that can be compared against T-Token supply

***

### How Proof of Reserve Works

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

#### 1. Custody & Independent Audit

The private market exposure behind 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, which are the reference for the published reserve data. The auditors' attestation is refreshed approximately monthly.

#### 2. Chainlink SmartData

Audited asset counts are published through Chainlink SmartData (DataLink).

#### 3. On-Chain Publication

Each feed publishes the attested asset count held in the corresponding segregated portfolio. T-Token supply is read separately from the token mint on Solana. Comparing the two shows whether supply matches attested holdings.

The feed values are readable on-chain. 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.

**Illustrative comparison (T-SpaceX)**

```
Feed tSpaceX / USD (asset count):  N units
T-SpaceX mint supply:              N tokens
Supply / asset count:              ≤ 1.00 by design
```

#### 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)?

Tessera's feeds report asset counts rather than dollar values:

| Approach               | Benefit                                                                        |
| ---------------------- | ------------------------------------------------------------------------------ |
| Objective verification | Auditors check asset counts directly against portfolio records                 |
| No valuation inputs    | The feed does not depend on a valuation model; price discovery happens on DEXs |
| 1:1 mapping            | Token supply is designed not to exceed attested asset holdings                 |
| Simpler audits         | Auditors verify holdings, not valuation models                                 |

***

### Benefits for the DeFi Ecosystem

#### For Protocols

* **Lending platforms:** Where supported by third-party protocols, T-Tokens can be used as collateral, with reserve data readable on-chain
* **DEXs:** 24/7 trading with on-chain reserve data

#### For Users

* Trade on Solana DEXs
* Provide liquidity to Solana pools
* Check reserve data on-chain against T-Token supply

***

### Why This Matters

Tessera's Chainlink integration makes reserve data readable on-chain, so readers can compare T-Token supply with attested asset holdings.

The reserve data relies on independent auditor attestations and on the issuer structure described in [How do T-Tokens Work?](/overview/how-do-tessera-token-work.md).

***

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