TUSD Leverages Chainlink Proof of Reserve for Actual-Time Verification of Stablecoin Minting
February 23, 2023
On Wednesday, the stablecoin undertaking Trueusd introduced that it’s leveraging Chainlink Proof of Reserve (POR) know-how to offer real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating provide of over 968 million tokens and is the sixth-largest stablecoin by market capitalization.
Archblock Makes use of Chainlink to Confirm Reserves Earlier than Minting New TUSD Stablecoins
Archblock, the issuer of the trueusd (TUSD) stablecoin, has introduced that it’s utilizing Chainlink to confirm reserves earlier than minting new TUSD stablecoins. In line with the undertaking, it’s the first U.S. dollar-backed stablecoin to make use of proof-of-reserves (POR) know-how for real-time on-chain verification of TUSD’s offchain reserves.
The POR information feed is a great contract that routinely checks “whether or not the overall provide of TUSD would exceed the overall quantity of U.S. {dollars} held in reserve earlier than any new stablecoin is minted.” In line with a press release by Ryan Christensen, the CEO of Archblock, the agency is wanting ahead to utilizing Chainlink’s POR know-how to enhance transparency and verifiability.
“Because the industry-standard decentralized oracle community, Chainlink helps be sure that TUSD is all the time collateralized by offchain fiat reserves, furthering TUSD’s dedication to belief and transparency,” Christensen mentioned in a press release on Wednesday.
Stablecoins have had a tumultuous previous 12 months, to say the least, with Terra’s UST imploding, HUSD depegging, and U.S. regulators telling Paxos that they can’t concern BUSD any longer. As of Feb. 22, 2023, trueusd (TUSD) is the sixth-largest stablecoin by market valuation, with over 968 million tokens in circulation. Nevertheless, TUSD’s commerce quantity is relatively smaller than that of USDT, USDC, BUSD, and DAI.
The TUSD stablecoin is deployed on a number of blockchains, together with Arbitrum, Avalanche, Binance Good Chain (BSC), BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism, and Tron. Out of the highest ten stablecoins by market capitalization, TUSD, together with USDT and Tron’s USDD, are the one three stablecoins which have elevated their provides over the past 30 days.
“With Chainlink Proof of Reserve, TUSD can present higher ranges of assurance and confidence to its customers,” mentioned Chainlink co-founder Sergey Nazarov through the announcement.
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