What Proof of Reserves means at Ledn, since the term gets used loosely. An independent U.S. accounting firm attests that Ledn holds assets in excess of 100% of client liabilities. This runs every two quarters, and the most recent attestation was as of 31 March 2026. The half people skip: each client balance is committed to a Merkle tree, and you can confirm your own account was included from inside your Ledn account. The aggregate figure is only as good as your ability to find yourself in it. Separately, key loan book metrics are reported monthly by the same firm — percentage of collateral in custody, loans outstanding, average LTV across the book. Verification you perform beats any number we publish on our own.