TrueUSD Becomes First USD-Backed Stablecoin to Secure Minting with ‘Proof of Reserves’
Today we are pleased to announce that TrueUSD (TUSD) is now using Chainlink’s Proof of Reserves technology to secure minting and further ensure transparency and reliability. As the first stablecoin to programmatically control minting with real-time on-chain verification of off-chain reserves, TUSD is demonstrating a new paradigm of decentralization, transparency, and independent verification.
Reserve data for TUSD is aggregated by The Network Firm LLP (“TNF”), an independent, industry-specialized accounting firm in the U.S. TNF aggregates all reserves data (US Dollars held at financial institutions) in real-time and serves that information on-chain through Chainlink’s industry-leading decentralized oracle network. With this ‘Proof of Reserve’ data feed, the TUSD smart contract will automatically check whether the total supply of TUSD would exceed the total amount of US dollars held in reserve before any new stablecoin is minted. This automated workflow is transparent in the smart contract code, and supported by open and independent data feeds, thus reflecting TUSD’s commitment to ensuring both stability of the TUSD system as well as the redeemability of underlying dollars for customers and users.
“We’re excited to be using Chainlink Proof of Reserve to enhance the transparency and verifiability of TUSD,” said Ryan Christensen, CEO of Archblock. “As the industry-standard decentralized oracle network, Chainlink helps ensure that TUSD is always collateralized by off-chain fiat reserves, furthering TUSD’s commitment to trust and transparency.”
With this integration of Chainlink’s decentralized infrastructure, TUSD users can feel confident that they have an accurate, highly available, and transparent source of information regarding the reserves backing TUSD. The end result is TUSD becoming a more reliable form of collateral and payment across DeFi and other smart contract verticals.
“We are proud to support TUSD in its efforts to bring new layers of transparency, risk management, and security to its stablecoin minting process,” said Sergey Nazarov, Co-Founder of Chainlink. “With Chainlink Proof of Reserve, TUSD is able to provide greater levels of assurance and confidence to its users, and help bring greater stability to stablecoins and the broader crypto industry.”
Please visit this page to check TUSD Reserves Data on Chainlink: https://data.chain.link/ethereum/mainnet/reserves/tusd-por
