TL;DR
- Fireblocks and Chainlink Labs have joined forces to provide a comprehensive solution for the issuance and management of stablecoins, ensuring security and compliance in global transactions.
- The combined technology will offer a real-time view of assets, reserves, market value, and total supply, spanning multiple blockchains.
- It will enable secure issuance, custody, and management of tokenized assets with enhanced transparency, real-time price connectivity, and robust regulatory compliance.
Fireblocks and Chainlink Labs have announced a strategic collaboration aimed at revolutionizing the issuance and management of stablecoins. Through this partnership, they seek to provide a comprehensive technology solution for financial institutions, ensuring secure and compliant issuance and transactions of assets in global financial markets.
The alliance between Fireblocks, known for its digital asset infrastructure platform, and Chainlink, the developer of oracles, aims to set a new standard for stablecoin issuance. The combined solution will offer a unique and real-time view of coins, reserves, market value, and total supply, covering different blockchains.
.@FireblocksHQ and Chainlink Labs announce strategic collaboration to accelerate regulated stablecoin issuance.
Fireblocks and #Chainlink will provide an end-to-end tech solution for institutions to issue and transact regulated stablecoins.https://t.co/9wf5D7bMrx pic.twitter.com/Fg2YR06ztd
— Chainlink (@chainlink) September 17, 2024
The integrated technology will allow stablecoin issuers to carry out a secure process of minting, custody, distribution, and management of tokenized assets. Key features include data synchronization to verify collateral through proof of reserves, which enhances transparency and ensures the value of these assets in circulation.
Additionally, the solution will provide real-time market connectivity for price tracking and robust regulatory compliance with customizable components for KYC/AML and the Travel Rule.
A Solution to Accelerate Stablecoin Growth
Digital asset custody will be handled through Direct Custody Wallets-as-a-Service, which will include both hot and cold wallets with governance policies and advanced APIs, supporting over 80 blockchains. Interoperability will also be a key aspect, allowing data and value transfers between public or private blockchains. Furthermore, the solution will facilitate liquidity and distribution through a digital asset network with over 2,000 institutional counterparties.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, commented that the combination of services with Fireblocks will accelerate market growth, providing real-time visibility and enhancing the utility of stablecoins as a secure payment vehicle. Meanwhile, Stephen Richardson, Managing Director of Financial Markets at Fireblocks, emphasized the need for a comprehensive solution to address regulatory evolution and market demands for large-scale stablecoin adoption.
Wenia, a Bancolombia Group company that recently used both services for the launch of its COPW stablecoin, has endorsed this collaboration, noting that the combination of high-level technology with secure and reliable infrastructure will benefit the industry and promote the adoption of digital assets.
