STASIS Will Integrate Chainlink Proof of Reserve to Enable On-Chain Auditing of The EURS Stablecoin
Chainlink Proof of Reserve will provide ultimate transparency to the largest Euro-backed stablecoin
Stablecoin platform STASIS, an issuer of transparent Euro-backed digital assets, will integrate with the world’s largest decentralised oracle network, Chainlink, to provide automated on-demand audits directly on-chain regarding the reserves backing its flagship product, the EURS stablecoin.
Chainlink oracles will be used to consistently check the off-chain fiat reserve balances and on-chain token supply of the STASIS EURS every ten minutes. If a deviation is spotted beyond a defined threshold (e.g. 1%), the oracles will push an on-chain update to the EURS reference contracts where the current balances are stored.
This Proof of Reserve oracle network publishes these regular updates by retrieving data from independent, well-respected auditors responsible for monitoring the financial health of STASIS reserves. Reserve data retrieved from the auditors is transferred on-chain by a Chainlink-powered decentralized oracle network, ensuring accurate data is delivered without any single point of failure.
Additionally, Chainlink oracle networks push updates regarding the current on-chain supply of EURS, which can be compared to the off-chain reserves for discrepancies. Thus, any DeFi dApp or off-chain systems can use these Proof of Reserve data feeds to ensure full collateralization before executing actions involving the EURS stablecoin, ultimately helping mitigate users against any potential black swan event.
This added layer of transparent data will allow STASIS to scale EURS’s reliability to match its growing demand in emerging markets, bringing more value to DeFi while continuing to improve its overall security.
STASIS has been providing an institutional-grade link between the DeFi world and the off-chain market since 2018. Since all EURS are backed with fiat Euros, there is no risk for investors and everyday users, who can always exchange their digital assets thanks to the Sellback Service. Now through Chainlink Proof of Reserve, it’s possible to boost the transparency and auditability of EURS in DeFi and further merge traditional financial institutions with DeFi markets.
Gregory Klumov, CEO and Founder of STASIS says: “We are excited to integrate Chainlink, the oracle solution setting benchmark standards across the blockchain industry, and use its Proof of Reserve feature, to allow developers to safely integrate EURS, knowing they have additional protections against undercollateralization. This advancement will have a positive impact on stablecoin use cases, ultimately driving global acceptance of the DeFi field even further.”
“Our team is thrilled to empower STASIS with the ability to offer additional security and transparency guarantees to users of its top-notch EURS stablecoin product. By enabling access to a secure, transparent, and fully automated oracle solution for obtaining the current collateralization of EURS on-chain, EURS can confidently be integrated across DeFi protocols in a more trust minimized manner,” added Daniel Kochis, Head of Chainlink Business Development.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
STASIS is a stablecoin crypto-enabler platform that provides an institutional-grade link between the decentralized finance world and the off-chain market. The Malta-based company stands behind EURS development and enhancement, building a global around the largest non-USD digital asset and unraveling more use cases for its flagship product.
With a broad user base of more than 70.000 users from different countries and continents, the company now seeks more opportunities to expand its presence in the emerging Decentralized Finance market.
STASIS delivers an unrivaled EURS transparency level so that investors can always be confident that the appropriate collateral fully backs their digital assets. Thus, the “quantifying trust” concept of transparency coined by STASIS can now be applied in the DeFi area. To learn more, visit subscribe to the STASIS newsletter, and visit project socials.