Chainlink, Apex Group Test Onchain Stablecoin Compliance With Bermuda Regulator

Chainlink and Apex Group have successfully completed a pilot project with the Bermuda Monetary Authority to test how blockchain can help enforce stablecoin regulations directly on-chain. This innovative system utilizes Chainlink's Proof of Reserve and Automated Compliance Engine to provide regulators with continuous visibility into a stablecoin's backing and circulation. It automates compliance checks, enhancing regulatory oversight. Apex Group contributed custody and reserve data, while Hacken provided real-time monitoring for compliance risks. The pilot simulated automated compliance checks, optimizing the enforcement of stablecoin regulations while promoting Chainlink's aim for broader institutional adoption of tokenized assets. This is part of Chainlink's ongoing initiatives to ensure that blockchain technologies are compliant with regulatory frameworks, further supporting its existing partnerships with major financial institutions like JPMorgan and UBS.

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