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Oracle provider Chainlink and stablecoin issuer Circle aim to expand stablecoin’s utility for institutions through a new partnership.
Chainlink has made a name for itself as an industry-standard decentralized computing platform, while Circle is a global fintech company that issues both the USDC, the second largest stablecoin on the market, and EURC. This new partnership will use Circle’s development platforms and Chainlink services to expand the stablecoin utility for enterprise use.
Since its launch in 2021, Chainlink has given the DeFi market price oracles that have enabled over $1.3 trillion in transactions across six different blockchains. This new partnership will allow them to train developers on Web3 programmable wallets, independent of the blockchain and Smart Contracts Platformdesigned to more easily bring Web3 interactions to applications.
“The combination of expertise from both teams makes this partnership very powerful in moving the industry forward and increasing adoption of tokenized assets,” said William Reilly, Global Head of Centralized Finance at Chainlink Labs. Decrypt.
He added that Chainlink has expanded its work with the Circle team and wants to explore other opportunities to engage with Circle.
“Chainlink’s integration of Circle’s stablecoin development technology will enable innovators to create internet-native financial services,” explained Sandra Persing, VP of Product, Developers and Ecosystem Marketing at Circle. . “There are immense opportunities for builders right now and we look forward to continuing our partnership with Chainlink to unlock new capabilities for the DeFi ecosystem.”
Akersh Srivastava, Head of Developer Relations at Chainlink Labs, added: “The growing interest of financial institutions in tokenized assets means that developers need robust tools and secure infrastructure to leverage external data, proof of reserves and interoperability.
USDC is a stable currency pegged to the US dollar. With $32 billion worth of tokens currently on the market, it is the second largest stablecoin.
Meanwhile, EURC is its Euro-backed counterpart, which currently has a market capitalization of $40 million according to CoinGecko data. When it was launched last year, Circle said it wanted EURC to become an electronic money token regulated by EU regulations with the stablecoin “positioned to radically improve the utility of peer-to-peer transfers and European remittance corridors”.
It is currently supported by the Solana, Stellar, Ethereum and Avalanche blockchain networks.
Stablecoins have been used to help people affected by humanitarian disasters. Last year, Circle explained how EURC on the Stellar network could seamlessly integrate with mass disbursement and cash support systems such as Stellar Aid Helpenabling rapid, cost-effective and transparent distribution of relief funds to people facing crises.
Earlier this year, Circle has ended USDC support for the Tron network in an effort “to ensure that USDC remains reliable, transparent, and secure.”
Edited by Stacy Elliott.
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