Blockchain
Archblock, the issuer of TrueUSD stablecoin, mentioned it can use Chainlink’s proof-of-reserves system to let customers confirm its reserves are totally collateralized on the blockchain by way of an automatic knowledge feed.
“We’re excited to make use of Chainlink’s Proof of Reserve to boost the transparency and verifiability of our stablecoin,” mentioned Ryan Christensen, CEO of Archblock. “Because the industry-standard decentralized oracle community, Chainlink will assist be certain that TUSD is at all times collateralized by off-chain fiat reserves.”
TUSD is backed by US {dollars} and is the sixth-largest stablecoin, with a market capitalization of $966 million. Integrating with Chainlink’s proof of reserve (PoR) system will permit TUSD holders to confirm on-chain that its stablecoin reserves are totally collateralized by way of automated off-chain knowledge feeds.
The Community Agency (TNF), an impartial accounting agency, will combination the oracle knowledge for TUSD. This agency will accumulate real-time knowledge on all reserve holdings (US {dollars} held at monetary establishments). This shall be offered on-chain by way of Chainlink’s decentralized oracle community, Archblock said in a observe shared with The Block
Utilizing TNF’s knowledge feed, The TUSD sensible contract will routinely examine whether or not the overall provide of TUSD exceeds the overall quantity of US {dollars} held in reserve earlier than any new stablecoins are minted.
