On Wednesday, Trueusd issuer Archblock announced that it is taking advantage of Chainlink’s Proof of Reserve technology to provide real-time verification of Trueusd token production. Trueusd is the sixth most valuable stablecoin in terms of market capitalization, with a circulating supply of more than 968 million tokens.
Archblock Utilizes Chainlink for Prompt Verification of New TUSD Stablecoins
Archblock, the Trueusd stablecoin issuer, has revealed that it is utilizing Chainlink’s Proof of Reserve (POR) know-how to guarantee real-time confirmation of Trueusd token production. This makes Trueusd the first US dollar-backed stablecoin that can be used in the United States, as per the Proof of Reserve (POR) for Real-Time On-Chain Verification of TUSD Off-Chain Reserves announcement.
The POR data feed, a smart contract that is regularly audited, is designed “to ensure that the total supply of TUSD will not exceed the total amount of US dollars held in reserve before any new stablecoin is minted.” According to the press release, Archblock CEO Ryan Christensen said the company hopes to make full use of Chainlink’s POR technology to enhance transparency and verifiability.
“As the industry standard decentralized Oracle network, Chainlink helps ensure that TUSD is always backed by off-chain fiat reserves, furthering TUSD’s commitment to trust and transparency,” Christensen said in a press release Wednesday.
The past 12 months have been tumultuous, to say the least, and have seen the collapse of Terra’s UST, the delinking of HUSD, and US regulators not allowing Paxos to issue BUSD. As of February 22, Trueusd (TUSD), with more than 968 million tokens, is the sixth most valuable stablecoin. However, TUSD’s trading volume is lower than that of USDT, USDC and BUSD.
The TUSD stablecoin is available on several blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC), BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism and Tron. Of the top ten stablecoins, TUSD is ranked tenth. Tron’s USDT and USDD are the only stablecoins that have increased their supply 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 in the announcement.
What do you think about Archblock leveraging Chainlink’s POR technology? Let us know in the comment section below what topics you would like to discuss.
