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
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