StablR Is Integrating Chainlink Proof of Reserve
StablR is pleased to announce that we are integrating Chainlink Proof of Reserve (PoR) on Ethereum to help verify StablR Euro (EURR) in circulation is backed 1:1 by Euros held in reserve.
When users want to verify that the StablR Euro in circulation is backed 1:1 by Euros held in reserve, Chainlink PoR helps bring real-time reserve data on-chain via The Network Firm— an accounting firm in the US that has pioneered the development of crypto-native accounting and attestation services.
StablR is a global financial technology company that builds the infrastructure for institutional clients to utilize the decentralized, open-source, and public blockchain economy for financial applications through price-stable digital assets (stablecoins).
StablR will issue a Euro stablecoin, which is designed to be regulatory compliant, 100% collateralized, 1:1 pegged to its fiat equivalent, and fully transparent. The StablR Euro will be applicable in a cross chain ecosystem, and always accessible as we believe in a world where clients and their users can transact without friction.
We fundamentally believe in transparency and were looking for a decentralized, automated verification solution to consistently help ensure that the circulating supply of StablR Euro reflects the supply of Euros in reserves. We are using Chainlink because it is the most time-tested and historically reliable oracle network in the blockchain industry, already helping secure tens of billions of dollars for top DeFi projects.
With this integration of Chainlink’s trust-minimized infrastructure, StablR Euro users can feel confident that they have an accurate, highly available, and transparent source of information regarding the reserves backing StablR Euro. The end result is StablR Euro becoming a reliable form of collateral and payment across DeFi and other smart contract verticals.
We chose to integrate Chainlink Proof of Reserve because it offers several critical features:
Transparent – Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization.
Automated On-Chain Verifications – By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual checks.
High-Quality Data – Through the use of customizable External Adapters, Chainlink can source data from premium data providers who are financially incentivized to provide highly accurate and available data.
We’re excited to be integrating Chainlink Proof of Reserve. As a battle-tested decentralized verification solution, Chainlink PoR helps mitigate the risk of infinite mint attacks for StablR Euro, enhancing the transparency and verifiability of our stablecoin.” — Ralf Wandmacher, CEO at StablR.
Chainlink is the industry-standard Web3 services platform and has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Within the internet of value StablR is enabling open and unified financial infrastructure to gain easy, transparent, and safe access for anyone, anywhere, and anytime. By leveraging the efficiency of blockchain technology we empower DeFi, CeFi, and TradFi users to easily move funds between different ecosystems. StablR believes the future of the global economy is open, transparent, and fairly distributed for everyone who is part of it.