On Wednesday, stablecoin project Trueusd announced that it will leverage Chainlink Proof of Reserve (POR) technology to provide real-time verification for minting trueusd tokens. The Trueusd crypto asset has over 968 million tokens in circulation, making it the sixth largest stablecoin by market capitalization.
Archblock is using Chainlink to validate the reserve before minting the new TUSD Stablecoin
Archblock, issuer of the trueusd (TUSD) stablecoin, announced that it is using Chainlink to validate reserves before minting a new TUSD stablecoin. According to the project, it is the first USD-backed stablecoin to use proof-of-reserves (POR) technology for real-time, on-chain verification of TUSD’s off-chain reserves.
The POR data feed is a smart contract that automatically checks “whether the total supply of TUSD exceeds the total amount of USD held before a new stablecoin is minted,” according to a statement from Archblock CEO Ryan Christensen. that the company looks forward to using Chainlink’s POR technology to improve transparency and verifiability.
“As an industry-standard distributed oracle network, Chainlink helps ensure that TUSD is secured by off-chain fiat reserves at all times, further reinforcing TUSD’s commitment to trust and transparency,” Christensen said in a statement Wednesday in a statement.
Stablecoin has had a tumultuous past 12 months, to say the least, with Terra’s UST collapsing, HUSD depegging, and US regulators telling Paxos it cannot issue any more BUSDs. as of February 22, 2023, trueusd (TUSD) is the sixth largest stablecoin by market valuation, with over 968 million tokens in circulation. However, TUSD’s trading volume is relatively small compared toUSDT
TUSD stablecoins are deployed on several blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC),BNBBNBChain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism, and Tron. Among the top 10 stablecoins by market cap, TUSD ranks alongside; USDTand Tron’s USDD are the only three stablecoins that have increased in supply over the past 30 days.
“With Chainlink’s proof-of-reserve, TUSD can offer users a higher level of assurance and trust,” said Chainlink co-founder Sergey Nazarov in the announcement.
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