TrueUSD ($TUSD) has announced that it is using Chainlink's Proof of Reserves technology to secure minting and ensure transparency and reliability.
$TUSD is the first stablecoin to programmatically control minting with real-time on-chain verification of off-chain reserves. The reserve data for $TUSD is aggregated by The Network Firm LLP, an independent, industry-specialized accounting firm in the US, and serves that information on-chain through Chainlink's 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, ensuring the stability of the $TUSD system as well as the redeemability of underlying dollars for customers and users.
Stablecoins
Oracle
