This article was first published on TrustToken - Medium
TrustToken Introduces Proof of Reserve for TUSD Stablecoin in Collaboration With Chainlink and Armanino
With the support of Armanino and Chainlink, TUSD becomes the world’s first stablecoin with live, on-chain attestations
TrustToken is utilizing our existing, independent real-time attest provider, Armanino, to push trusted data on-chain via leading oracle network, Chainlink, to power the trust and risk measures that DeFi and future on-chain uses require.
TrustToken is proud to continue our leadership in standards for stablecoin transparency through independent, real-time attestations of fiat reserves. Now, for the first time, this collateral data is consistently accessible directly on the blockchain.
Through a collaboration with Chainlink, the industry-leading decentralized oracle solution, and Armanino, a top 25 accounting firm in the United States, we’re introducing the TUSD Proof of Reserve reference contract, which extends our unparalleled transparency to on-chain environments. The data currently underpinning real-time audit reports through Armanino’s TrustExplorer will now also be made available to on-chain smart contracts via a secure and reliable Chainlink-powered decentralized oracle network.
TrustToken, Armanino, and Chainlink believe on-chain trust is critical for decentralized finance (DeFi), as many lending and swap protocols rely on stablecoins as the backbone asset and collateral for such dApps. Importantly, the trusted collateral data provided is both independent and decentralized: TrustToken is not involved in the process of reporting. All data comes directly from Armanino’s TrustExplorer API, creating a critical level of separation between the makers of TUSD and the verification of its reserves. Additionally, the Chainlink oracle network fetching data from the Armanino API and delivering it to the blockchain is decentralized.
“TUSD is one of the fastest-growing assets on the Maker platform. We wish more projects had their Proof of Reserve feature. It’s a huge step towards increased trust and transparency, and makes risk assessment ...
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TrustToken - Medium