On Wednesday, stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for minting 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 uses 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’s off-chain reserves.
The POR data stream is a smart contract that automatically checks “if the total supply of TUSD will 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 firm looks 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 secured by offchain fiat reserves, furthering TUSD’s commitment to trust and transparency,” Christensen said in a statement Wednesday.
Stablecoins have had a tumultuous past 12 months to say the least, with Terra’s UST imploding, HUSD depegging 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 capitalization, with over 968 million tokens in circulation. However, TUSD’s trading volume is relatively smaller than that of USDT, USDC, BUSD and DAI.
TUSD stablecoin is distributed 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 by market cap, TUSD, along with USDT and Tron’s USDD, are the only three stablecoins to increase their supply over the past 30 days.
“With Chainlink Proof of Reserve, TUSD can provide greater security and trust to its users,” Chainlink co-founder Sergey Nazarov said during the announcement.
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Altcoin issuance, Altcoins, Archblock, BUSD, Chainlink, circulating supply, security, commitment, cryptoasset, 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, trading volume, Transparency, trueusd, Trueusd (TUSD), trust, tumultuous, tusd, TUSD Chainlink, US dollar-backed, verifiability
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Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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