Blockchain
Archblock, the issuer of TrueUSD stablecoin, mentioned it’s going to use Chainlink’s proof-of-reserves system to let customers confirm its reserves are absolutely collateralized on the blockchain by way of an automatic knowledge feed.
“We’re excited to make use of Chainlink’s Proof of Reserve to reinforce the transparency and verifiability of our stablecoin,” mentioned Ryan Christensen, CEO of Archblock. “Because the industry-standard decentralized oracle community, Chainlink will assist be sure that TUSD is all the time 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 absolutely collateralized via 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 can be offered on-chain via Chainlink’s decentralized oracle community, Archblock acknowledged in a word shared with The Block
Utilizing TNF’s knowledge feed, The TUSD good contract will mechanically examine whether or not the entire provide of TUSD exceeds the entire quantity of US {dollars} held in reserve earlier than any new stablecoins are minted.
