Chainlink announced via Twitter on Wednesday that Fluent Finance, the fintech firm behind the US Plus stablecoin, has launched its real-time fiat proof-of-reserves (RTPoR) using Chainlink Proof of Reserve on Ethereum. The integration of the Proof of Reserve gives the market, along with users of US Plus, absolute certainty of the security of their stablecoin holdings, the Fluent Finance team added.
By integrating Chainlink Proof of Reserve, Fluent’s reporting procedures now include a decentralized oracle network that fetches off-chain reserve data and publishes it on the chain. The use of oracles helps prevent manipulation of data, and users are able to access reserves data in a transparent manner that allows them to verify that US Plus is 100% backed.
Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is down by more than 4% over the past 24 hours and is trading at $6.794 at press time.