USD1 has set a new standard in stablecoin transparency by becoming the first to offer real-time reserve proof data. This development marks a significant evolution from earlier practices where stablecoins like USDT and USDC provided quarterly and monthly reserve attestations, respectively. USD1 achieves this transparency through a system that continuously pulls reserve data from its custodian, BitGo, using Chainlink. The data is then verified and published on-chain in an open-source, real-time, and automated manner, eliminating manual intervention. This move is expected to push other stablecoins to increase the frequency of their reserve disclosures, benefiting users with enhanced transparency.
USD1 Pioneers Real-Time Reserve Proof for Stablecoins
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