STASIS to use Chainlink to verify EURS reserves
STASIS to use Chainlink to verify EURS reserves
Stable Coin

STASIS to use Chainlink to verify EURS reserves

By Eleonora Spagnolo - 22 Jan 2021

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The stablecoin platform STASIS will use the oracles of Chainlink to provide timely reserve verifications in support of the EURS digital currency.

STASIS is the provider of the leading euro-pegged stablecoin, EURS. Like all stablecoins, however, it needs to be backed by reserves of money that the company keeps at partner associations. 

One of its strengths is that it allows delegated payments on the Ethereum network, with users able to pay the cost of transactions directly in EURS or other currencies supported by the STASIS wallet. 

Chainlink, on the other hand, is the leading oracle platform in the blockchain world. Its task is to bring onchain data that is offchain, i.e. from the real world. 

In this case, Chainlink will check every 10 minutes the fiat offchain reserve balances and the supply of STASIS EURS on-chain tokens. In practice, Chainlink will always be able to compare whether the amount of tokens corresponds to the amount of reserves. 

With this system other DeFi or dApp platforms that want to use STASIS EURS can be confident that the stablecoin is guaranteed by the collateral. 

STASIS and Chainlink for EURS reliability

This system brings stability and reliability to the entire STASIS network. It will be a system that will ensure maximum transparency and allow the expansion of the network into the world of decentralized finance. 

Gregory Klumov, CEO and founder of STASIS said: 

“We are excited to integrate Chainlink, the oracle solution setting benchmark standards across the blockchain industry, and use its Proof of Reserve feature, to allow developers to safely integrate EURS, knowing they have additional protections against undercollateralization. This advancement will have a positive impact on stablecoin use cases, ultimately driving global acceptance of the DeFi field even further”.

Daniel Kochis, Head of Business Development at Chainlink added:

“Our team is thrilled to empower STASIS with the ability to offer additional security and transparency guarantees to users of its top-notch EURS stablecoin product. By enabling access to a secure, transparent, and fully automated oracle solution for obtaining the current collateralization of EURS on-chain, EURS can confidently be integrated across DeFi protocols in a more trust minimized manner”.

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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