Chainlink and Apex Group Test Onchain Stablecoin Compliance
Chainlink and Apex Group have successfully piloted a blockchain system designed to ensure compliance with stablecoin regulations set by Bermuda's regulatory authority, specifically the Bermuda Monetary Authority. This test, conducted within the authority’s Innovation Hub, uses Chainlink's Proof of Reserve and Automated Compliance Engine to offer real-time visibility into a stablecoin's backing and circulation, thus automating compliance checks onchain. The system integrates various blockchain tools to provide regulators continuous insights into the operations of stablecoins. In collaboration with Apex Group, which manages $3.5 trillion in assets, Chainlink aims to enhance institutional adoption of tokenized assets, already being utilized by major banks such as JPMorgan and UBS. The pilot highlights a shift towards automated compliance through advanced blockchain solutions, thereby potentially transforming the regulatory landscape for digital currencies.
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