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After facing a wave of criticism, USD1 launched on-chain "real-time proof of reserves," becoming the first stablecoin to offer real-time disclosure. It's also compliantly custodied by BitGo, a top global custodian, ensuring the security of the underlying assets.
Many stablecoins operate on a near-real-time basis, with weekly disclosures and monthly/quarterly audits, resulting in significant information lag. This is not the same as USD1's real-time proof of reserves. Real-time monitoring means any change in the issuer's funds will immediately trigger an on-chain alert. As long as the on-chain reserves are sufficient, panic will subside. USD1's current status is such that any change in reserves is immediately synchronized on-chain, greatly reducing the risk of a run on the exchange.
WLFI
@worldlibertyfi
02-28
USD1 now has real-time, onchain proof of reserves.
Link 👉 https://por.worldlibertyfinancial.com
A Chainlink CRE job continuously pulls reserve data from BitGo, validates it, and writes it onchain.
No delays. No manual processes. No waiting for accounting to finalize. Always live.
👍
Real-time auditing is far, far better than USDT being audited quarterly.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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