Blockchain
Archblock, the issuer of TrueUSD stablecoin, stated it’ll use Chainlink’s proof-of-reserves system to let customers confirm its reserves are totally collateralized on the blockchain by way of an automatic information feed.
“We’re excited to make use of Chainlink’s Proof of Reserve to reinforce the transparency and verifiability of our stablecoin,” stated Ryan Christensen, CEO of Archblock. “Because the industry-standard decentralized oracle community, Chainlink will assist make sure 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 via automated off-chain information feeds.
The Community Agency (TNF), an unbiased accounting agency, will mixture the oracle information for TUSD. This agency will acquire real-time information on all reserve holdings (US {dollars} held at monetary establishments). This will likely be supplied on-chain via Chainlink’s decentralized oracle community, Archblock acknowledged in a notice shared with The Block
Utilizing TNF’s information feed, The TUSD good contract will mechanically verify whether or not the full provide of TUSD exceeds the full quantity of US {dollars} held in reserve earlier than any new stablecoins are minted.
