Feb 25, 2023

February 25, 2023 - Advertisement - On Wednesday, stablecoin project TrueUSD announced it is leveraging Chainlink Proof of Reserve (PoR) technology to provide real-time verification for the mining 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. ArcBlock uses Chainlink to verify reserves before creating new TUSD stablecoin ArcBlock, the issuer of the TrueUSD (TUSD) stablecoin, has announced that it is using Chainlink to verify reserves before creating new TUSD stable coins. According to the project, it is the first US dollar-backed stablecoin to use Proof-of-Reserve (POR) technology for real-time on-chain verification of TUSD’s off-chain reserves. - Advertisement - The POR data feed is a smart contract that automatically checks “whether the total supply of TUSD will exceed the total amount of US Dollars in reserve prior to the creation of any new stablecoin.” According to a statement from ArcBlock CEO Ryan Christensen, the firm is hoping 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 collateralized by off-chain fiat reserves,” Christensen said in a statement on Wednesday, furthering TUSD’s commitment to trust and transparency. increases.” - Advertisement - The stablecoins have been in turmoil over the past 12 months, with Terra’s UST explosion, the HUSD debasement, and US regulators telling Paxos they can no longer issue BSD. As of February 22, 2023, Trueusd (TUSD) is the 6th largest stablecoin by market capitalization, with over 968 million tokens in circulation. However, the trading volume of TUSD is comparatively low compared to usdt USDC, BUSD and DAI. TUSD stablecoin is deployed on several blockchains including Arbitrum, Avalanche, Binance Smart Chain (BSC). bnb Chain, Kronos, Ethereum, Phantom, Polygon, Aurora, Optimism, and Tron. Among the top ten stablecoins by market capitalization, TUSD, along with usdt and Tron’s USDD are the only three stablecoins to have increased their supply over the past 30 days. - Advertisement - “With Chainlink Proof of Reserve, TUSD can provide greater assurance and trust to its users,” Chainlink co-founder Sergey Nazarov said during the announcement. What do you think about ArcBlock leveraging Chainlink’s PoR technology? Tell us what you think about this theme in the comments section below. 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 described in this article. Credit : news.bitcoin.com