TrueUSD (TUSD), Poised for More Demand as New Development Offers an Edge Over Rivals

TrueUSD (TUSD), stablecoin’s issuing company, Archblock, has announced that it will use Chainlink’s proof of-reserves mechanism to allow users to verify that its reserves are fully collateralized on the blockchain via an automatic data feed.
TrueUSD to Use Chainlink’s PoR
The United States’ Network Firm LLP (“TNF”) is responsible for aggregating the TUSD reserve data. TNF can perform real-time data aggregation (all US Dollars held at financial institutions) via Chainlink’s industry-leading, decentralized oracle network.


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Officially, the TUSD smart contracts will use the ‘Proof of Reserve data stream to perform an automated check to determine if the total amount of US Dollars in reserve exceeds the quantity of TUSD currently in circulation. This automated workflow is supported openly and independently by data feeds. It demonstrates TUSD’s commitment to maintaining the stability of TUSD and the redeemability of underlying dollar for customers and users. This automated workflow is transparent in smart contract code.

Ryan Christensen, Archblock’s CEO, was quoted as saying:
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Chainlink’s Proof of Reserve will be used to increase transparency and verifiability of the stablecoin.
Use Of Mint Lock Verification
Archblock stated that TUSD is now the first stablecoin that can programmatically manage its minting, with real-time verification of off-chain reserves. TUSD is currently operational on major blockchains such as Avalanche and Binance Chain, BNB Chain and Cronos. TUSD’s current price was $967 million at the time of writing.

Investors are becoming more skeptical about the collateral backing stablecoins or cryptocurrencies. This has led to companies being more transparent with “Proof of Reserves” reports and other assurances. This new arrangement comes at a moment when U.S. regulators are intensifying their crackdown against firms and projects using cryptocurrencies in the country.
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