Summary
- World Liberty Financial (WLFI) said it will disclose, in real time on-chain, the status of reserves backing stablecoin USD1.
- WLFI said it will use Chainlink Proof of Reserve (CRE) to continuously pull and verify reserve data from BitGo and record it on-chain.
- The move is seen as an effort to strengthen reserve transparency and bolster market confidence.
Forecast Trend Report by Period
World Liberty Financial (WLFI) said it will disclose, in real time on-chain, the status of reserves backing its stablecoin USD1.
On the 27th (local time), WLFI said on X (formerly Twitter), “The stablecoin industry has a transparency problem. Most disclose reserves quarterly, and USD1 has provided attestations monthly. However, even monthly reporting involves an approximately one-month lag due to accounting processes,” it explained.
It added, “We addressed this issue through Chainlink Proof of Reserve (CRE),” explaining that it “continuously pulls and verifies reserve data from BitGo and records it on-chain.”
The move is seen as an effort to strengthen reserve transparency and bolster market confidence.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
