TrueUSD Becomes First USD-Backed Stablecoin to Secure Minting with 'Proof of Reserves'

Implementation of Chainlink Proof of Reserve adds first-ever Secure Mint control to a USD-backed stablecoin smart contract, ensuring automatic verification of US dollar reserves prior to any new minting

SAN FRANCISCO, Feb. 22, 2023 /PRNewswire/ -- TrueUSD (TUSD) today announced it is using Chainlink Proof of Reserve (PoR) to help secure the minting of TUSD, its fully collateralized stablecoin backed by the US dollar. 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 our stablecoin," said Ryan Christensen, CEO of Archblock (Originally known as TrustToken, once the issuer of TrueUSD). "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."

TUSD is a regulated stablecoin fully backed by the US dollar. TUSD is available on 70+ cryptocurrency exchanges across 160+ markets, and 20+ OTC desks across five continents. TUSD is currently deployed on Arbitrum, Avalanche, Binance Chain, BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism, and TRON.

To learn more, please visit https://trueusd.medium.com/.

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

TUSD is the first digital asset with live on-chain attestations by independent third-party institutions and is backed 1:1 with the U.S. dollar (USD). So far, it has been listed on more than 100 trading platforms such as Binance and Huobi and is live on 11 mainstream public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. TUSD is attested to in real-time by an independent third-party institution in the U.S., to ensure the 1:1 ratio of its USD reserve to the circulating token supply and the 100% collateral rate. Users can access the publicly available audit results via the official website tusd.io at any time. TUSD is granted statutory status as authorized digital currency and medium of exchange in the Commonwealth of Dominica, a country in the Caribbean, effective on October 7th 2022.

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The Network Firm's founders have pioneered the development of crypto-native accounting and attestation services as well as traditional tax and audit capabilities since 2016. The Network Firm is 100% focused on the professional service needs of the crypto and digital asset industry and maintains a suite of proprietary technologies to enable real-time reserves, proof of reserves, oracle services, and other auditing and attestation services.

SOURCE Chainlink; TrueUSD