Stablecoin platform STASIS will add support for Chainlink's oracle network to allow automated on-demand audits. According to an announcement, Chainlink's oracles will allow monitoring the off-chain fiat reserve balances and on-chain token supply of the STASIS EURS every 10 minutes.
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"If a deviation is spotted beyond a defined threshold (e.g. 1%), the oracles will push an on-chain update to the EURS reference contracts where the current balances are stored," the announcement says.
The Proof of Reserve oracle publishes updates by fetching data from well-respected auditors who mange the financial health of STASIS reserves. The fetched data then transferred by a Chainlink-powered oracle network. Gregory Klumov, STASIS Chief Executive and Founder, says the integration of Chainlink will allow blockchain 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," Klumov added.
In October last year, YouHolder, a crypto-backed loan service provider, listed the EURS stablecoin, allowing users to earn up to 12% APY with new Euro savings accounts.
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