Key takeaways:Chainlink and Stablecoin Standard partnered to accelerate stablecoin adoption through shared resources and initiative. Chainlink services like Price Feeds, CCIP, and Proof of Reserve will reinforce stability, security and transparency standards for stablecoins. The collaboration combines Chainlink's leading decentralized oracle tech with Stablecoin Standard's vision to enable collective industry action on stablecoin adoption.
Chainlink Labs, the company behind the industry-leading decentralized oracle network Chainlink, has announced an exclusive partnership with Stablecoin Standard, the consortium of stablecoin issuers.
.@StablecoinStnd has entered into a channel partnership with @ChainlinkLabs. The partnership supports stablecoin adoption and helps bolster #Chainlink Proof of Reserve (PoR), CCIP, and Price Feeds as industry-standard services for stablecoins.https://t.co/xO5JjsflmT pic.twitter.com/Tem34pyFvB— Chainlink (@chainlink) November 22, 2023
The collaboration aims to drive stablecoin adoption by promoting education, shared resources, and joint initiatives based on Chainlink’s benchmark solutions for securing transparent, cross-chain stablecoin models.
Founded in 2022, Stablecoin Standard serves as a forum for stablecoin providers to express opinions collectively and engage with external stakeholders. Through the consortium, members can share best practices, leverage collective expertise, and create standards.
Meanwhile, Chainlink has become the go-to decentralized oracle solution, providing secure and reliable connectivity between blockchains and off-chain data and computations. The extensive integration of Chainlink across DeFi and crypto has enabled over $9 trillion in transaction value.
The partnership will reinforce Chainlink services like Price Feeds, CCIP, and Proof of Reserve as benchmark solutions for securing transparent, cross-chain stablecoin models.
How Chainlink Supports Stablecoin Growth
By offering tamper-proof, high-quality data feeds, Chainlink Price Feeds provide reliable price benchmarks for stablecoins. This makes stablecoins accessible across decentralized finance markets.
Additionally, Chainlink's Cross-Chain Interoperability Protocol (CCIP) enables efficient stablecoin transfers across different blockchains, bolstering liquidity and usability.
Moreover, Chainlink Proof of Reserve allows regular, independent attestations of off-chain stablecoin reserves. This capability is pivotal for reinforcing stability and building trust.
These decentralized services allow stablecoin projects to seamlessly scale through straightforward integration of Chainlink while accelerating mass stablecoin adoption.
Driving Standards Through Shared Initiatives
The collaboration between Chainlink and Stablecoin Standard will educate markets and drive best practices for stability, security, and transparency.
Chainlink Labs and Stablecoin Standard will work together on public awareness campaigns, educational programs, joint standards frameworks, and new stablecoin models enhanced by Chainlink services.
“The rapid increase in stablecoin adoption has proven the market demand for tokenized assets. This channel partnership with Chainlink Labs will help us support stablecoin adoption and establish best practices for stablecoin issuers through the use of industry-standard Chainlink services,” said Christian Walker, Co-Founder of Stablecoin Standard.
By tapping into Chainlink’s resources, Stablecoin Standard can equip its member base to implement reliable models for stability.
In summary, the exclusive Chainlink and Stablecoin Standard partnership aims to promote secure, transparent stablecoin models using decentralized technology. Educational initiatives, new standards, and shared innovations will ultimately bolster adoption.
This collaboration combines Chainlink’s leading tech for blockchain agnosticism, reliability and connectivity with Stablecoin Standards’ vision to facilitate collective industry action.
Together, these industry leaders will introduce new decentralized models to crypto's fastest-growing asset class - stablecoins.
According to CoinCodex, Chainlink (LINK) current price is currently 14.74, which is a 4.62% increase in the last 24 hours, making it the 11th largest cryptocurrency by market cap.