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Archblock to use Chainlink for Reserve Certification System of TrueUSD stable currency

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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 wheth…

Archblock to use Chainlink for Reserve Certification System of TrueUSD stable currency

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

Interpretation of the news:


Archblock, the issuer of TrueUSD stable currency, has announced that it will use Chainlink’s reserve certification system to verify if their reserves have been fully mortgaged on blockchain through an automated data feed to let users have transparency in the system. This move will help to develop more trust and confidence in the TrueUSD stable currency as transparency and reliability are the pillars on which users rely on to invest their money.

TrueUSD is a stablecoin, which means it is pegged to a fiat currency, in this case, the US dollar, and it is traded as an ERC-20 token on the Ethereum blockchain. Archblock issues and holds the US dollars in reserve, which backs the TrueUSD token, making it as secure and reliable as the US dollar itself. As the demand for stablecoins has been growing because of their low volatility and increased stability, investors are looking for platforms that are transparent, secure, and trustworthy.

Archblock’s partnership with Chainlink can be instrumental in bringing the required trust among investors as the system uses data feeds from multiple independent sources, including pre-existing banking infrastructure, to ensure the reserve certification is trustworthy and credible. Chainlink’s decentralized oracle network enables the system to feed accurate and reliable data into the smart contract of TrueUSD, making the certification process automatic, secure, and transparent.

By implementing Chainlink’s reserve certification system, Archblock can enable investors to verify the collateralization of TrueUSD in real-time, ensuring proper transparency of the system. This partnership can bring much-needed trust and confidence to the platform and help it stand out from other stablecoin providers in the market. Investors can get a sense of assurance to know that the reserve backing for their TrueUSD is genuine and that the system is reliable.

In conclusion, Archblock’s move to implement Chainlink’s reserve certification system is a significant step towards building a more trustworthy and transparent system for its users. By integrating the automated data feeds from multiple independent sources, Archblock can bring about transparency and credibility to the TrueUSD stable currency. Investors can rest assured knowing that TrueUSD is backed by actual US dollars in reserve, inline making it a reliable investment option for interested investors.

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