Fireblocks and Chainlink Labs have announced a strategic collaboration to provide banks with a technology solution for issuing and managing regulated stablecoins.
New Solution for Banks
Crypto custody and services firm Fireblocks has teamed up with Chainlink Labs to offer a solution for banks to issue and manage stablecoins. This collaboration will support end-to-end tokenization capabilities for stablecoin issuers, including minting, custody, and distribution.
Expert Comments
Chainlink Labs’ global head of banking and capital markets Angie Walker commented that both parties expect the collaboration to 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.
Stablecoin Market
The joint effort will provide issuing agents with a single, comprehensive, real-time view of stablecoins, reserves, market value, and total supply, including across different blockchains. While it remains uncertain which banks will begin issuing stablecoins, both firms previously supported Wenia, a division of Colombia’s largest bank Bancolombia, in launching its COPW stablecoin.
The collaboration between Fireblocks and Chainlink Labs comes amid growing usage of stablecoins beyond exchange settlement, as evidenced by recent research. Stablecoin settlement volumes are projected to reach $5.28 trillion in 2024.
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