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STASIS Will Use Chainlink To Audit EURS Reserves

25 January 2021 14:00, UTC
Anna Martynova

The STASIS stablecoin platform will use Chainlink oracles to audit the reserves of the EURS digital currency in a timely manner.

STASIS is the provider of the euro pegged stablecoin - EURS. However, like all stablecoins, it must be backed by fiat reserves that the company holds in partner associations. One of its strengths is that it allows delegated payments to be made on the Ethereum network, with users being able to pay transaction fees directly in euros or other currencies supported by the STASIS wallet.

Chainlink will audit every 10 minutes for off-chain fiat reserves and the availability of STASIS EURS tokens on the blockchain. In practice, Chainlink will always be able to compare whether the number of tokens matches the amount of reserves. With this system, other DeFi platforms or dApps that want to use STASIS EURS can be confident that the stablecoin is guaranteed by the collateral.

Image: Medium