TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting

On Wednesday, the stablecoin task Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) exertion to supply real-time verification for the minting of trueusd tokens. The trueusd crypto plus has a circulating proviso of implicit 968 cardinal tokens and is the sixth-largest stablecoin by marketplace capitalization.

Archblock Uses Chainlink to Verify Reserves Before Minting New TUSD Stablecoins

Archblock, the issuer of the trueusd (TUSD) stablecoin, has announced that it is utilizing Chainlink to verify reserves earlier minting caller TUSD stablecoins. According to the project, it is the archetypal U.S. dollar-backed stablecoin to usage proof-of-reserves (POR) exertion for real-time on-chain verification of TUSD’s offchain reserves.

The POR information provender is simply a astute declaration that automatically checks “whether the full proviso of TUSD would transcend the full magnitude of U.S. dollars held successful reserve earlier immoderate caller stablecoin is minted.” According to a connection by Ryan Christensen, the CEO of Archblock, the steadfast is looking guardant to utilizing Chainlink’s POR exertion to amended transparency and verifiability.

“As the industry-standard decentralized oracle network, Chainlink helps guarantee that TUSD is ever collateralized by offchain fiat reserves, furthering TUSD’s committedness to spot and transparency,” Christensen said successful a connection connected Wednesday.

Stablecoins person had a tumultuous past 12 months, to accidental the least, with Terra’s UST imploding, HUSD depegging, and U.S. regulators telling Paxos that they cannot contented BUSD immoderate longer. As of Feb. 22, 2023, trueusd (TUSD) is the sixth-largest stablecoin by marketplace valuation, with implicit 968 cardinal tokens successful circulation. However, TUSD’s commercialized measurement is comparatively smaller than that of USDT, USDC, BUSD, and DAI.

The TUSD stablecoin is deployed connected respective blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC), BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism, and Tron. Out of the apical 10 stablecoins by marketplace capitalization, TUSD, on with USDT and Tron’s USDD, are the lone 3 stablecoins that person accrued their supplies implicit the past 30 days.

“With Chainlink Proof of Reserve, TUSD tin supply greater levels of assurance and assurance to its users,” said Chainlink co-founder Sergey Nazarov during the announcement.

What bash you deliberation astir Archblock leveraging Chainlink’s POR technology? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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