Fireblocks and Chainlink Labs have announced a new partnership. This partnership aims at enhancing the security and compliance of stablecoin transactions for banks and financial institutions. This collaboration is set to provide a comprehensive technology solution. This will also facilitate the issuance and management of stablecoins across global financial markets.
Fireblocks and Chainlink Launch Comprehensive Stablecoin Management Service
This year in March, Wenia, a subsidiary of the Bancolombia Group, launched its COPW stablecoin with the help of both Fireblocks and Chainlink. On this success, this new joint service is expected to foster the operations of stablecoin in issuance management, data Sync, as well as compliance operations.
The solution will be a complete package for stablecoin issuers to address their requirements for stability. This covers minting of tokens, handling, distributing and managing digital assets through a tokenization platform. It also aims at making real-time confirmation of the stablecoins collateral with the on-chain prove of reserves in order to assure the circulating value of the stablecoins.
Furthermore, the technology will integrate data connectivity and data enrichment with Chainlink oracles for secure real-time price feeds for assets on the blockchain. There is going to be compliance options that are flexible regarding KYT and AML along with solving issues related to travelling rule.
Stablecoin Management Solution to Boost Usability with Advanced Custody and Liquidity Features
Complimenting the custody services, Direct Custody Wallets-as-a-Service include MPC, governance policies and out-of-the-box compatibility with over 80 blocks. The solution will also include interlinking capabilities to ensure that information and value can be efficiently transferred across multiple public and private blockchains. Additionally, it will maintain and facilitate the liquidity and distribution of the instrument through a vast digital asset network that has access to over 2,000 institutional counterparties.
This full integration is expected to give the issuing agents a single and real-time view of the metrics of stablecoins such as reserve, market value, and supply across multiple blockchains. It intends to establish a new benchmark of the industry standards at the given level of insight.
Angie Walker from Chainlink Labs also pointed out that this combined technology with Fireblocks and Chainlink is projected to further enhance the usability and expansion of stablecoins. Fireblocks’ Stephen Richardson pointed to growing possibilities of stablecoin application regulated for institutional purposes and stressed on the need for a vision for its implementation.
