Chainlink, Fireblocks Team Up to Boost Stablecoin Transactions Worldwide

News

  • Chainlink and Fireblocks announced a collaboration to improve stablecoin issuance and transaction processes for banks and institutions.
  • The cooperation introduces a tokenization engine, enhancing secure minting, custody, and management of stablecoins for increased transparency.
  • Despite the report, LINK saw an 8% decline this week.

Chainlink Labs and Fireblocks have announced a joint effort to improve the issuance and transaction of stablecoins. This union revealed on September 17, is designed to provide banks and financial institutions with developed tools to allocate and transact stablecoins.

Streamlining Stablecoin Issuance

At the core of this collaboration is a tokenization engine that will enable the secure minting, custody, distribution, and management of tokenized assets, including stablecoins. This technology is expected to simplify the process for stablecoin issuers, offering support from issuance aids to interoperability solutions. 

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs stated, “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.”

The alliance will provide tools to verify stablecoin collateral on chain using proof of reserves, ensuring greater transparency and helping maintain stablecoins’ value in circulation. Additionally, the new technology will facilitate data transfer and value across both public and private blockchains, utilizing an improved cross-chain infrastructure.

Despite the promising announcement, Chainlink’s native token, LINK, has experienced a 8% decline this week, following a 20% rally the previous week. Currently, LINK is trading at $10.59, with its intraday low at $10.43 and high at $10.82. The token’s 24-hour trading volume has increased by nearly 8% to $180.42 million. Data from Coinglass indicates a 1.86% decrease in LINK’s futures open interest (OI) to $141.76 million today. Additionally, derivatives volume has dropped by 11%, reflecting investor caution despite the recent collaboration between Chainlink Labs and Fireblocks.

The post Chainlink, Fireblocks Team Up to Boost Stablecoin Transactions Worldwide appeared first on Crypto News Land.

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