Fireblocks' digital asset infrastructure and
Chainlink will provide an end-to-end technology solution for
financial institutions looking to issue and transact regulated
stablecoins, setting a new industry standard for
stablecoin issuance
SAN
FRANCISCO, Sept. 17, 2024 /PRNewswire/ -- Fireblocks,
an enterprise platform to manage digital asset operations and build
innovative businesses on the blockchain, and Chainlink Labs, the
primary contributing developer of Chainlink—the essential
infrastructure for the tokenized asset economy—announced today a
strategic collaboration to offer a secure and compliant technology
solution for banks and financial institutions to issue and transact
with stablecoins across global financial markets. Earlier this
year, Wenia, part of the Bancolombia Group, used both
Fireblocks and Chainlink services for its COPW
stablecoin launch.
The newly-packaged technology solution plans to
support end-to-end tokenization capabilities for
stablecoin issuers:
- Issuance: securely mint, custody, distribute, and
manage tokenized assets—including stablecoins—via a tokenization
engine.
- Data synchronization: verify stablecoin
collateral onchain with proof of reserves for enhanced transparency
and to help guarantee the value of stablecoins in circulation.
- Data connectivity and enrichment: real-time, market-wide
price tracking for assets represented onchain, powered by
hyper-secure oracle infrastructure.
- Compliance: a customizable suite of KYT/AML and Travel
Rule Compliance components for customers navigating the regulatory
complexities of stablecoin use cases such as
cross-border transactions.
- Custody: securely custody and manage digital assets
through Direct Custody Wallets-as-a-Service, which provides
battle-tested multi-party computation (MPC) warm and cold wallets,
governance policies, and robust APIs, with support for over 80
blockchains.
- Interoperability: transfer data and value across public
or private blockchains with industry-standard cross-chain
infrastructure.
- Liquidity and distribution: direct connectivity to, and
distribution in, the crypto capital markets via the
industry's largest digital asset network with over 2,000
institutional counterparties.
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.
"Chainlink and Fireblocks offer a powerful suite
of technology services that, when combined, are poised to
accelerate market growth for all forms of tokenized money, such as
stablecoins," said Angie Walker,
Global Head of Banking and Capital Markets at Chainlink Labs. "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. We plan to empower stablecoin issuers
by offering a secure, smart, and scalable solution that meets the
high standards for institutional and retail customers alike."
"As regulatory frameworks around tokenized money
continue to evolve, the potential for regulated
stablecoin usage at the institutional level is
expanding," said Stephen Richardson,
Managing Director, Financial Markets at Fireblocks. "Stablecoins
are driving innovation in financial markets, and issuers need a
comprehensive solution—from reserves to issuance, distribution,
custody, and compliance—that offers full visibility, including
across multiple chains. By working with Chainlink, we are uniquely
positioned to meet these critical market needs for large-scale
stablecoin adoption."
"It is great to see Fireblocks and Chainlink, two
of our COPW launch partners, collaborate to further enhance the
usability of regulated stablecoins," said Pablo Arboleda, CEO of Wenia, a Bancolombia
Group Company. "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."
Fireblocks
Fireblocks is an
easy-to-use platform to create new blockchain-based products, and
manage day-to-day digital asset operations. Exchanges, banks, PSPs,
lending desks, custodians, trading desks, and hedge funds can
securely scale their digital asset operations through the
Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks
serves thousands of organizations in the financial, payments, and
web3 space, has secured the transfer of over $6 trillion in digital assets and has a unique
insurance policy that covers assets in storage and transit. Find
out more at www.fireblocks.com
Chainlink
Chainlink Labs is the primary
contributing developer of Chainlink, the leading technology
infrastructure for onchain data, cross-chain interoperability, and
blockchain abstraction. Chainlink enables financial institutions to
develop customized, compliant, and future-proof blockchain
applications and tokenized assets. Chainlink can power tokenized
assets throughout their entire lifecycle, enriching them with
real-world data (e.g., NAV, proof of reserves), providing secure
interoperability between any private or public blockchain to
increase liquidity, and synchronizing asset data between
blockchains and existing systems to maintain a unified golden
record.
Chainlink has securely enabled over $15 trillion in transaction value and delivered
more than 14 billion onchain data points across the blockchain
ecosystem. Major market infrastructure providers and institutional
banks such as Swift, ANZ, Fidelity International, and many others
have collaborated with Chainlink to successfully demonstrate how
financial institutions can use existing infrastructure and
messaging standards to interact with tokenized assets across any
blockchain.
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SOURCE Chainlink Labs; Fireblocks