On Wednesday, stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for trueusd token minting. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth largest stablecoin by market 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 using Chainlink to verify reserves before minting new TUSD stablecoins. According to the project, it is the first US dollar-backed stablecoin to use Proof of Reserves (POR) technology for real-time on-chain verification of TUSD off-chain reserves.
The POR data feed is a smart contract that automatically checks “whether the total supply of TUSD would exceed the total amount of US dollars held in reserve before any new stablecoin is minted.” According to a statement from Archblock CEO Ryan Christensen, the company hopes to use Chainlink’s POR technology to improve transparency and verifiability.
“As the industry standard decentralized Oracle network, Chainlink helps ensure that TUSD is always secured by off-chain fiat reserves, furthering TUSD’s commitment to trust and transparency,” Christensen said in a statement Wednesday. .
Stablecoins have had a tumultuous 12-month past, to say the least, with the implosion of Terra’s UST, the decoupling of HUSD, and US regulators telling Paxos they can no longer issue BUSD. As of February 22, 2023, trueusd (TUSD) is the sixth largest stablecoin by market valuation, with over 968 million tokens in circulation. However, the trading volume of TUSD is comparatively smaller than that of USDTUSDC, BUSD and DAI.
The TUSD stablecoin is implemented on various blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC), bnb Chain, Chronos, Ethereum, Fantom, Polygon, Aurora, Optimism and Tron. Of the top ten stablecoins by market capitalization, TUSD, along with USDT and Tron’s USDD, are the only three stablecoins that have increased their supplies in the last 30 days.
“With Chainlink Proof of Reserve, TUSD is able to bring higher levels of security and trust to its users,” Chainlink co-founder Sergey Nazarov said during the announcement.
What do you think of Archblock leveraging Chainlink’s POR technology? Let us know what you think about this topic in the comments section below.
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