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Chainlink, TrueUSD Start Real-Time ‘Mint Lock’ Verification of Stablecoin Reserves
The key is to get information from the bank account where the stablecoin’s reserves are kept to the blockchain-based smart contract that controls issuance of new TUSD.
Updated Feb 22, 2023, 3:56 p.m. Published Feb 22, 2023, 1:00 p.m.
Backers of the stablecoin TtueUSD (TUSD) have gone live with a new system in conjunction with data-oracle project Chainlink to assure that reserves are adequate before new units of the dollar-pegged token can be minted.
The reserve data is aggregated by an accounting firm called The Network Firm LLP and then provided on-chain via Chainlink, according to a press release from Chainlink and Archblock, which supports TUSD.
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The key is to get information from the bank account where the stablecoin’s reserves are kept to the blockchain-based smart contract that controls issuance of new TUSD.
Read more: SEC Increases Scrutiny of Audits of Cryptocurrency Companies: WSJ
The addition of the “mint lock control” makes TUSD the first stablecoin “to programmatically control minting with real-time on-chain verification of off-chain reserves,” according to the statement.
TUSD is currently deployed on Arbitrum, Avalanche, Binance Chain, BNB Chain, Cronos, Ethereum, Fantom, HECO, Polygon, Aurora, Optimism and Tron, the statement added.
The new setup comes as investors have become increasingly skeptical about the collateral backing stablecoins and cryptocurrencies, and even customer assets on exchanges – forcing companies to be more transparent with “proof of reserves” reports and other assurances.
Read more: Proof of Reserves Explained
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