Trueusd Leverages Chainlink Proof of Reserve

• TrueUSD (TUSD) has announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens.
• Archblock, the issuer of TUSD, is using Chainlink to verify reserves before minting new stablecoins.
• 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.

Background

Trueusd (TUSD) is a stablecoin project with a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. It 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 is one out three which have increased their supplies in the last 30 days.

Archblock Uses Chainlink to Verify Reserves Before Minting New TUSD Stablecoins

Archblock has announced that it will be using Chainlink to verify reserves before minting new TUSD stablecoins. This means that a smart contract will be used to automatically check whether or not the total supply of TUSD would exceed the total amount of U.S dollars held in reserve before any new token can be created. This move from Archblock furthers its commitment to trust and transparency for its users and customers alike.

Chainlink Co-Founder Comments

Chainlink co-founder Sergey Nazarov commented on this move stating “With Chainlink Proof Of Reserve ,TUSD can provide greater levels of assurance and confidence to its users” . This statement shows how important trust and security are when dealing with these types blockchain projects as well as how important it is for these companies to ensure they are providing their customers with reliable information on their platforms at all times .

Conclusion

This move from Trueusd comes at an interesting time where many other similar projects have had a tumultuous past 12 months due to various issues such as pegging issues or regulations preventing them from issuing certain coins . However , this move from Trueusd proves that they are committed to providing secure transactions and ensuring trustworthiness amongst their users .