- Chainlink Labs and Fireblocks have joined forces to streamline stablecoin issuance.
- The companies will target banks and institutions with a new product for this service.
- Executives from both companies said the partnership is poised to “set new standards” of stablecoin issuance and usage.
Chainlink Labs and Fireblocks have announced a strategic partnership to provide banks and institutions with secure and compliant technology for issuing and managing stablecoins.
The integrated offering will feature Chainlink’s decentralized Oracle network and Fireblocks’ custody and management capabilities to provide end-to-end tokenization services for stablecoin issuers. Citing Bancolombia Group’s COPW stablecoin launch in May as a successful use case for the service, the companies said they’re poised to set “new industry standards” for tokenized money.
Streamlining Stablecoin Issuance and Management
According to a September 17 press release, the solution’s key features include a “tokenization engine” for secure minting, custody, distribution, and management of stablecoins across over 80 blockchains. The solution will also give clients access to real-time data synchronization for enhanced transparency and proof of reserves functionality for verifying stablecoin collateral onchain.
Sponsored
Other features include liquidity and distribution support via a network of over 2,000 institutional counterparties and seamless interoperability to support data and value transfer across public or private blockchains.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, lauded the partnership, noting that it would accelerate market growth for stablecoins.
“We expect this will not only provide stablecoin users with real-time visibility into asset reserves but also elevate the utility of the stablecoin as a secure payment vehicle and institutional trading instrument in digital asset markets,” Walker stated.
Commenting on the development, Stephen Richardson, Managing Director, Financial Markets at Fireblocks, said the partnership positioned the company to meet critical market needs for large-scale stablecoin adoption.
Read about Cyber Capital founder’s allegations against Tether:
Tether Faces Allegations of Being a “Bigger Scam Than FTX”
Stay updated on Circle’s move to set up its HQ in New York:
Circle Plants Its Flag in NYC for New HQ Ahead of Planned IPO
