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

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

On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. 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 U.S. dollar-backed stablecoin to use proof-of-reserves (POR) technology for real-time on-chain verification of TUSD’s offchain reserves.

The POR data feed is a smart contract that automatically checks “whether the total supply of TUSD would exceed the total amount of U.S. dollars held in reserve before any new stablecoin is minted.” According to a statement by Ryan Christensen, the CEO of Archblock, the firm is looking forward to using Chainlink’s POR technology to improve transparency and verifiability.

“As the industry-standard decentralized oracle network, Chainlink helps ensure that TUSD is always collateralized by offchain fiat reserves, furthering TUSD’s commitment to trust and transparency,” Christensen said in a statement on Wednesday.

Stablecoins have had a tumultuous past 12 months, to say the least, with Terra’s UST imploding, HUSD depegging, and U.S. regulators telling Paxos that they cannot issue BUSD any longer. As of Feb. 22, 2023, trueusd (TUSD) is the sixth-largest stablecoin by market valuation, with over 968 million tokens in circulation. However, TUSD’s trade volume is comparatively smaller than that of USDT, USDC, BUSD, and DAI.

The TUSD stablecoin is deployed on several blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC), BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism, and Tron. Out 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 over the last 30 days.

“With Chainlink Proof of Reserve, TUSD can provide greater levels of assurance and confidence to its users,” said Chainlink co-founder Sergey Nazarov during the announcement. Tags in this story Altcoin issuance, Altcoins, Archblock, BUSD, Chainlink, circulating supply, collateralized, commitment, Crypto asset, decentralized oracle network, depegging, fiat reserves, HUSD, industry-standard, issuer, Market Capitalization, offchain reserves, on-chain verification, Paxos, PoR, Proof of Reserve, real-time verification, Smart Contract, Stablecoin, technology, Terra’s UST, trade volume, Transparency, trueusd, Trueusd (TUSD), trust, tumultuous, tusd, TUSD Chainlink, U.S. dollar-backed, verifiability

What do you think about Archblock leveraging Chainlink’s POR technology? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Briton Wanted by US for Advising North Korea on Crypto Arrested in Russia NEWS | 1 hour ago Federal Judge Rules NBA Top Shot NFTs May Be Considered Unregistered Securities NEWS | 9 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndian Finance Minister Pushes for International Cooperation on Crypto Regulation — Discusses Awareness Campaign Next articleBriton Wanted by US for Advising North Korea on Crypto Arrested in Russia Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design