Bitcoin
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$64,496.00 1.2681
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Ethereum
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$3,085.07 0.51201
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BNB
BNB (BNB)
$558.11 1.11555
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$145.68 4.52779
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$0.4991240 -0.48465
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$0.0000229 1.00087
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Pepe
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$0.0000052 1.63041
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$0.0000150 2.95667
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Bitcoin
Bitcoin (BTC)
$64,496.00 1.2681
Bitcoin price
Ethereum
Ethereum (ETH)
$3,085.07 0.51201
Ethereum price
BNB
BNB (BNB)
$558.11 1.11555
BNB price
Solana
Solana (SOL)
$145.68 4.52779
Solana price
XRP
XRP (XRP)
$0.4991240 -0.48465
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.00087
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.63041
Pepe price
Bonk
Bonk (BONK)
$0.0000150 2.95667
Bonk price
Bitcoin
Bitcoin (BTC)
$64,496.00 1.2681
Bitcoin price
Ethereum
Ethereum (ETH)
$3,085.07 0.51201
Ethereum price
BNB
BNB (BNB)
$558.11 1.11555
BNB price
Solana
Solana (SOL)
$145.68 4.52779
Solana price
XRP
XRP (XRP)
$0.4991240 -0.48465
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.00087
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.63041
Pepe price
Bonk
Bonk (BONK)
$0.0000150 2.95667
Bonk price
Bitcoin
Bitcoin (BTC)
$64,496.00 1.2681
Bitcoin price
Ethereum
Ethereum (ETH)
$3,085.07 0.51201
Ethereum price
BNB
BNB (BNB)
$558.11 1.11555
BNB price
Solana
Solana (SOL)
$145.68 4.52779
Solana price
XRP
XRP (XRP)
$0.4991240 -0.48465
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.00087
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.63041
Pepe price
Bonk
Bonk (BONK)
$0.0000150 2.95667
Bonk price
SirWin
SirWin
SirWin

TUSD to use Chainlink’s proof-of-reserves

tusd-to-use-chainlinks-proof-of-reserves
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TUSD to use Chainlink’s proof-of-reserves

TUSD, a stablecoin backed by the USD, integrates Chainlink’s proof-of-reserves to secure minting, improve transparency, and enhance reliability. The objective is to ensure that the entire TUSD ecosystem is stable and that clients can quickly redeem their tokens.

In a statement on Feb. 22, TUSD issuer, Archblock, said all reserve data for TUSD will be funneled through Chainlink, a decentralized oracle provider available on, among other chains, Ethereum. In this way, it will be easy for users, anywhere in the world and at any time, to verify whether each stablecoin in circulation is sufficiently backed by USD.

Ryan Christensen, the CEO of Archblock, said this Chainlink’s proof-of-reserves will always ensure every TUSD in circulation is always collateralized.

“We’re excited to be using Chainlink proof-of-reserve to enhance the transparency and verifiability of our stablecoin. 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.”

Ryan Christensen, the CEO of Archblock

The Network Firm LLP, “TNF”, handles TUSD reserve data, aggregating all USD information from relevant financial institutions in real time. However, by passing this data through Chainlink proof-of-reserve systems, smart contracts will take over, checking whether TUSD in circulation exceeds the number of USD held in reserve. This check will be automated and done every time before a new token is minted.

Besides reliability and stability, the decision to incorporate Chainlink is to bring about transparency and boost user confidence. 

Chainlink acts as a middleware, and its node verifies whether off-chain data sources are valid before being used as inputs to trigger a smart contract. 

By opening up USD data feeds from financial institutions holding TUSD reserves and funneling them through Chainlink, users will be confident that all their assets are collateralized.

The collapse of FTX, a crypto exchange, and news that its CEO, Sam Bankman-Fried, was misusing user funds has forced exchanges and CeFi platforms to verify their reserves. Binance, OKX, and other businesses have issued proof-of-reserve statements, assuring users that the exchange holds their assets securely.

As of Feb. 24, TUSD has a circulating supply of $946,634,805, ranked as the 53rd most valuable cryptocurrency by CoinMarketCap.

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