TrueUSD becomes the first USD-collateralized stablecoin to secure minting through "Proof of Reserves"
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TrueUSD becomes the first USD-collateralized stablecoin to secure minting through "Proof of Reserves"
TrueUSD (TUSD) has announced the use of Chainlink's Proof of Reserve (PoR) to secure the minting of its fully collateralized, USD-backed TUSD.
Navigating Web3 tides with focused insightsOn February 22, 2023, TrueUSD (TUSD) announced the integration of Chainlink's Proof of Reserve (PoR) to secure the minting process for its fully collateralized, U.S. dollar-backed stablecoin. As the first stablecoin with programmatically controlled minting and on-chain, real-time verification of off-chain reserves, TUSD sets a new benchmark for decentralized, transparent, and independently audited stablecoins.
Reserve data for TUSD is aggregated by The Network Firm ("TNF"), an independent U.S. accounting firm specializing in the digital asset industry. TNF collects real-time reserve information—specifically, U.S. dollar holdings at financial institutions—and feeds this data on-chain via Chainlink’s industry-leading decentralized oracle network. Using this data, TUSD’s smart contracts automatically verify whether the sum of newly minted tokens and the total existing supply exceeds the amount of dollar reserves held. This process is executed entirely by smart contract code, ensuring high transparency and reliance on publicly verifiable, independent data sources. It reflects TUSD’s commitment not only to systemic stability but also to guaranteeing users’ ability to redeem their tokens for U.S. dollars.
Archblock CEO Ryan Christensen said: “We’re excited to leverage Chainlink’s Proof of Reserve to enhance the transparency and verifiability of our stablecoin. As the industry-standard decentralized oracle network, Chainlink ensures that TUSD remains fully backed by off-chain fiat reserves at all times, significantly improving TUSD’s transparency and reliability.”
By integrating with Chainlink’s decentralized infrastructure, users can now easily access accurate and transparent information about TUSD’s reserves. This ultimately positions TUSD as a trusted collateral asset and payment method within DeFi and other smart contract applications.
Chainlink co-founder Sergey Nazarov said: “We’re pleased to work closely with the TUSD team to increase transparency in their minting process, strengthen risk management, and safeguard assets. With Chainlink’s Proof of Reserve, TUSD can offer enhanced security for users while contributing to the long-term stability and growth of the stablecoin ecosystem and the broader cryptocurrency industry.”
TUSD is a compliant, U.S. dollar-pegged stablecoin traded across more than 70 cryptocurrency exchanges in over 160 markets, as well as on over 20 OTC platforms spanning five continents. Blockchains currently supporting TUSD include Arbitrum, Avalanche, Binance Chain, BNB Chain, Cronos, Ethereum, Fantom, HECO, Polygon, Aurora, Optimism, and Tron.
About Chainlink
Chainlink is the industry-leading Web3 service provider, enabling trillions of dollars in transactions across DeFi, insurance, gaming, NFTs, and more. As a leading decentralized oracle network, Chainlink empowers developers to build feature-rich Web3 applications by seamlessly connecting them to real-world data and off-chain computing across multiple blockchains, serving as a universal gateway for enterprises to access any blockchain.
About TrueUSD
TUSD is the first digital asset pegged 1:1 to the U.S. dollar and verified in real time on-chain by an independent third party. To date, TUSD is listed on over 100 trading platforms including Binance and Huobi, and operates across 12 major public blockchains such as Ethereum, Tron, Avalanche, BSC, Fantom, and Polygon. TUSD undergoes real-time audits by The Network Firm, a U.S.-based independent accounting firm specializing in digital assets, ensuring a 1:1 ratio between U.S. dollar reserves and circulating supply, achieving 100% collateralization. Users can view publicly available audit results at any time on the official website, tusd.io. On October 7, 2022, the Commonwealth of Dominica granted TUSD legal status as a法定数字货币 and legal tender.
About The Network Firm
Founded in 2016, The Network Firm provides traditional tax and audit services while also pioneering crypto-native audit and verification solutions. Focused on meeting the professional needs of the cryptocurrency and virtual asset industries, The Network Firm leverages proprietary technologies to deliver real-time reserve audits, proof of reserves, oracles, and other audit and verification services.
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