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Cryptocurrency custody and servicing company Fireblocks has teamed up with Chainlink Labs to offer banks a new solution for issuing and managing stablecoins, according to a press release on September 17. The strategic collaboration will allegedly support end-to-end tokenization capabilities for stablecoin issuers, including minting, custody, and distribution, among other services.
Commenting on the collaboration, Chainlink Labs Global Head of Banking and Capital Markets Angie WALKER said that both parties expect the collaboration to not only provide stablecoin users with real-time tracking of asset reserves, but also enhance the utility of stablecoins as a secure means of payment and institutional trading instrument in digital asset markets.
The joint effort is expected to provide issuing agents with a single, comprehensive, real-time view of stablecoins, reserves, market value, and total supply, including across multiple blockchains. While it remains unclear which banks will issue the stablecoins, the two companies previously supported Wenia, a division of Colombia’s largest bank Bancolombia, in the launch of its COPW stablecoin.
Image: Crypto Economy
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