Archblock to use Chainlink’s proof-of-reserves system for TrueUSD verification
Archblock to use Chainlink’s proof-of-reserves system for TrueUSD verification
Archblock, the issuer of TrueUSD stablecoin, said it will use Chainlink’s proof-of-reserves system to let users verify its reserves are fully collateralized on the blockchain via an automated data feed. The Network Firm (TNF), an independent accounting firm, will aggregate the oracle data for the stablecoin.
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 allow TUSD holders to verify on-chain that its stablecoin reserves are fully collateralized through automated off-chain data feeds. Using TNF’s data feed, The TUSD smart contract will automatically check whether the total supply of TUSD exceeds the total amount of US dollars held in reserve before any new stablecoins are minted.
