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TrustToken Introduces Proof of Reserve for TUSD Stablecoin in Collaboration With Chainlink and…

Examine the Supply and Reserve reference contracts here. “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 much easier.” — Maker Community Members Improving the Building Blocks of DeFi

Stablecoins are an essential part of the DeFi ecosystem, establishing themselves as the most dominant cryptocurrency asset to trade against and borrow. They not only comprise 80%+ of market activity on Aave and Compound alike, but stablecoins also fetch the highest APY rates for lenders.

Since the launch of TrueUSD (TUSD) in 2017, TrustToken has been integral in the rise of stablecoins, currently standing at over $300M US Dollars tokenized and bridged onto the Ethereum blockchain through TUSD, and collateralizing over $50M of DAI in the Maker protocol.

Alongside this rapid growth comes the need for ever higher levels of transparency into the fiat collateral backing each TUSD token. Through Chainlink’s decentralized oracle network and Armanino’s source of truth API endpoint, the Proof of Reserve & Supply reference contracts allows DeFi applications on the Ethereum blockchain to verify in real-time the true collateralization of all minted TUSD tokens.

The TUSD Proof of Reserve automates the protection of users’ funds from any fractional reserve practices or potential black swan events.

The on-chain Proof of Reserve for TUSD is an industry first for fiat-backed stablecoins and we are excited to see how this additional layer of transparency will boost the already growing adoption of TUSD within the DeFi economy.

“We are proud to collaborate with the Chainlink and Armanino teams to launch an independently managed and tamper-resistant TUSD Proof of Reserve,” said Rafael Cosman, Co-founder of TrustToken.

“By providing DeFi applications with TUSD collateralization data, users are affo...

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