Fireblocks and Chainlink Labs Collaborate to Offer Banks Stablecoin Management Solution
(Originally posted on : Crypto News – iGaming.org )
Fireblocks and Chainlink Labs have joined forces to provide banks with a powerful solution for stablecoin issuance and management. This partnership, announced on September 17, introduces end-to-end technology that supports tokenization, minting, custody, and distribution services for stablecoin issuers. The collaboration aims to empower banks with the tools they need to securely issue regulated stablecoins while maintaining real-time insights into reserves and token supply.
Elevating Stablecoin Utility
Angie Walker, Chainlink Labs’ global head of banking and capital markets, emphasized the importance of this collaboration. She stated that it “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.” This strategic partnership offers a comprehensive view of stablecoins, including their reserves and market value, across different blockchains.
Although specific banks have not yet been named, both firms previously aided Wenia, a subsidiary of Bancolombia, in launching its COPW stablecoin. As stablecoin use continues to expand, the collaboration addresses growing demand in the digital currency space. Recent reports show stablecoins settling $3.7 trillion in transactions in 2023, with expectations to surpass $5.28 trillion in 2024. This growth showcases stablecoins’ shift from trading collateral to widespread digital dollar instruments.