Chainlink Labs and Stablecoin Standard, an industry organization for stablecoin suppliers, established an exclusive partnership. Through this, both companies will support the widespread use of stablecoins through education, joint ventures, and mutually beneficial resources. For those unaware, Chainlink Labs has played a pivotal role in developing Chainlink, the decentralized computing platform that has become the industry standard.
Stablecoin Standard is the industry organization for international stablecoin providers. It was founded in 2022 to provide a forum for industry stakeholders to express their opinions collectively and facilitate communication with external parties. The purpose was to further the adoption of stablecoins via learning, mutual resources, collective projects, and the StableCheck program. With the company’s help, stablecoin suppliers can share each other’s ideas and utilize their collective expertise more effectively.
The collaboration will support the acceptance of stablecoins. Additionally, it will reinforce Chainlink Price Feeds, CCIP, and Proof of Reserve (PoR) in the form of benchmark services for standing by safe, cross-chain, and transparent stablecoins. Tokenization initiatives will be able to employ Chainlink Price Feeds to introduce their stablecoins to leading DeFi markets. With CCIP, users can effortlessly convert their stablecoin into a cross-chain asset, facilitating its transfer across the multi-chain ecosystem. Proof of Reserve will assess the reserves of off-chain and cross-chain assets, in addition to enhancing concerns related to transparency and security.
The Chainlink decentralized computing platform is the most accepted proof of reserve service, having $9T+ transaction value made possible via a wide ecosystem of incorporated projects. It is known to be a cross-chain interoperability solution that offers high safety standards. Added to that, the platform offers the option for stablecoin projects to easily upgrade via sole incorporation and speed up the mass acceptance of tokenized assets.
According to the co-founder of Stablecoin Standard, Christian Walker, the increase in stablecoin acceptance speaks to the level of demand for tokenized assets. The association with Chainlink Labs will provide the option of backing stablecoin acceptance and setting up better methods for the providers of stablecoins with the help of Chainlink solutions.
Chainlink is the benchmark for decentralized computing platforms that are boosted by the authenticated web. Chainlink has carried out large volumes of transaction value by offering financial institutions, startups, and developers connectivity with real-time data, as well as off-chain computation and safe cross-chain interoperability throughout every blockchain.
Stablecoin Standard, on the other hand, is the industry unit for stablecoin providers. Presently, it stands for 17 currencies from 17 providers and counting. Stablecoin Standard is divided into three verticals: business development, best practice sharing, and policymakers’ involvement regarding stablecoin regulations.