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- StabIR has integrated the Chainlink Proof of Reserve on Ethereum to introduce world-class transparency for EURR, its euro-backed stablecoins.
- Any user can now check whether the amount of fiat held in reserves matches the total supply of EURR, boosting confidence and enabling seamless regulatory compliance.
StabIR has announced a new partnership with Chainlink in which it will integrate Chainlink’s Proof of Reserve for enhanced transparency with EURR, the company’s euro-backed stablecoin.
Stablecoins have become the lifeblood of the crypto sector. They now boast a market cap above $125 billion, account for 10% of daily trading volume, and have close to seven million owners. However, stablecoins are marred with scandals, irregularities, fraud, and shady practices. Tether has been fined over $50 million for its crimes, while USDC depegged by 14% earlier this year after the collapse of Silicon Valley Bank.
StabIR wants to put transparency at the heart of its operations. With the Chainlink integration, users can access all the EURR data in real-time. They can assess whether the total value of Euros held by the company in reserves matches the total supply of the EURR tokens in circulation.
The company has partnered with US-based crypto accounting and audit company The Network Firm. Through this link, users can check the reserves, which stood just below €11 million at press time.
StabIR CEO Gijs op de Weegh commented:
The industry standard Chainlink Proof of Reserve provides an additional layer of transparency to StablR Euro. We’re happy to be enabling unparalleled transparency for users into the collateral backing StablR Euro.
StabIR: Chainlink Is the Most Reliable Oracle Network
Transparency and stablecoins don’t seem to coexist. However, StabIR is out to change this by creating a stablecoin that’s “regulatory compliant, 100% collateralized, 1:1 pegged to its fiat equivalent, and fully transparent.”
Chainlink will be instrumental to the project. StabIR describes the project as “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.”
Some of the features that led StabIR to select Chainlink included transparency—its oracles can be monitored at any time and by anyone; automation—allows smart contract automation; and high-quality data through customizable external adapters.
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,” commented StabIR’s Ralf Wandmacher.
Meanwhile, Chainlink’s LINK token continues to pump. It trades at $15.37 at press time, recording a 13% spike in the past day. It has more than doubled its price in the last month, with a 108% spike for an $8.55 billion market cap.
The Grayscale Chainlink Trust (GLNK), a regulated tool for institutional investors, is perhaps the best indicator of the booming LINK demand. A single share in the trust now trades at $39, almost three times the token’s price. This is nearly twice the $21 these shares traded a week ago.
Grayscale Chainlink Trust $GLNK trading at a 200%+ premium over spot 🤔
$39 per share, with 0.93482160 $LINK per share pic.twitter.com/0dxljSDzQ8
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
