Archblock integrates Chainlink’s reserve certification system for TrueUSD

02/22/2023 13:00 • Digital Disruptors • 84 views

It is reported that Archblock, the issuer of TrueUSD stable currency, said that it would use Chainlink’s reserve certification system to let users verify whether their reserves have been fully mortgaged on the blockchain through automatic data feed.

Archblock uses Chainlink’s reserve certification system for TrueUSD verification

Analysis based on this information:

Archblock, the issuer of TrueUSD stable currency, has announced that it will be using Chainlink’s reserve certification system to ensure that users are able to verify whether their reserves have been fully mortgaged on the blockchain through automatic data feed. This move is expected to provide more transparency to users, enabling them to easily keep track of their transactions and understand the state of the network.

TrueUSD is one of the most prominent stablecoins in the market, with a market capitalization of over $360 million. It is pegged to the value of the US dollar, and is designed to offer users a less volatile alternative to traditional cryptocurrencies such as Bitcoin and Ethereum. However, like any other cryptocurrency, it relies on a system of reserves to support its value.

The reserve certification system provided by Chainlink will enable TrueUSD to prove that it actually holds the reserves that back its stablecoin. By using Chainlink’s decentralized oracle network, TrueUSD will be able to automatically retrieve information about the state of its reserve funds and provide real-time verification to users.

This move is an important step towards improving the credibility of stablecoins, which have come under scrutiny in recent years due to concerns over lack of transparency and susceptibility to manipulation. By integrating Chainlink’s reserve certification system, Archblock is showing a commitment to ensuring that its stablecoin remains trustworthy and reliable.

In addition to providing more transparency for users, this move is also expected to attract more institutional investors to TrueUSD. Institutions are known to be more risk-averse than retail investors, and are likely to be more cautious when it comes to investing in cryptocurrencies. By providing more transparency and reliability, Archblock may be able to overcome some of the barriers to entry that currently exist for institutional investors in the cryptocurrency market.

Overall, this move represents an important step forward for the stablecoin market, and is likely to have a positive impact on the wider cryptocurrency ecosystem. By integrating Chainlink’s reserve certification system, Archblock is demonstrating a commitment to transparency and reliability, and is setting a new standard for stablecoin issuers to follow.

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Archblock integrates Chainlink’s reserve certification system for TrueUSD

Archblock uses Chainlink’s reserve certification system for TrueUSD verification

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