Archblock to use Chainlink’s proof-of-reserves system for TrueUSD verification

Blockchain

Archblock, the issuer of TrueUSD stablecoin, stated it can use Chainlink’s proof-of-reserves system to let customers confirm its reserves are totally 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,” 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 enable TUSD holders to confirm on-chain that its stablecoin reserves are totally 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 gather real-time knowledge on all reserve holdings (US {dollars} held at monetary establishments). This will probably be supplied on-chain via Chainlink’s decentralized oracle community, Archblock acknowledged in a notice shared with The Block

Utilizing TNF’s knowledge feed, The TUSD good contract will mechanically verify whether or not the overall provide of TUSD exceeds the overall quantity of US {dollars} held in reserve earlier than any new stablecoins are minted.