Chainlink and Fireblocks join forces to support end-to-end tokenization solutions for stablecoin issuers

2024-9-17 13:40

Chainlink Labs has inked a strategic deal with Fireblocks to deliver a compliant and secure solution for banks and institutions to issue and use stablecoins across universal financial markets.

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.@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. prnewswire.com/news-releases/…

9:32 AM · Sep 17, 2024243ReplyCopy linkRead 13 replies

The move comes after Wenia tapped Chainlink and Fireblocks to launch the COPW stablecoin early in 2024.

According to the official announcement,

This integrated offering will give issuing agents a single, comprehensive, real-time view of stablecoins, reserves, market value, and total supply, including across different blockchains – a level of insight that is not currently available in today’s market, defining a new standard for industry best-practices.

Fireblocks offers a user-friendly platform for creating new blockchain products and managing daily undertakings in the cryptocurrency market.

The network serves multiple organizations in web3, payments, and financial sectors, including banks, exchanges, lending desks, PSPs, hedge funds, trading desks, and custodians.

Chainlink Labs is the parent firm and primary developer for Chainlink – the crypto platform known for cross-chain interoperability, blockchain abstraction, and comprehensive on-chain data.

It has handled transaction volume worth over $15 trillion and delivered roughly 14 billion on-chain data points in the blockchain sector.

Wenia CEO Pablo Arboleda stated that the alliance between Fireblocks and Chainlink is a win for the blockchain ecosystem and will promote a more efficient, accessible, and inclusive cryptocurrency adoption.

It is great to see Fireblocks and Chainlink, two of our COPW launch partners, collaborate to further enhance the usability of regulated stablecoins. By combining top-tier technology solutions with secure and reliable infrastructure, they are creating a win-win for the industry and advancing the adoption of digital assets in a more inclusive, efficient, and accessible manner.

One-stop tokenization solution for stablecoin issuers

The partnership between Chainlink and Fireblocks has birthed a new technology package that covers the following;

Issuance – banks and financial institutions can use the tokenization engine to mine and distribute tokenized assets, including stablecoins. Data synchronization – the new solution will allow issuers to verify stablecoin collateral on-chain, ensuring transparency and determining the amount of stablecoins in circulation. Data enrichment – the Oracle infrastructure guarantees market-wide, real-time price feeds for on-chain assets. Compliance – the AML/KYT policies help customers navigate regulatory challenges in using stablecoins in undertakings such as international payments. Custody – stablecoin issuers can custody and manage assets through multi-party computation (MPC), governance policies, robust APIs, and warm & cold wallets. Interoperability – the new package will smoothen value and data transfer across private and public blockchains.

Chainlink Labs’ Angie Walker believes collaborating with Fireblocks delivers a comprehensive technology suite for accelerating growth in tokenized assets, including stablecoins. He added,

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.

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