Chainlink, Apex Group Test Onchain Stablecoin Compliance With Bermuda Regulator

Chainlink and Apex Group have successfully completed a pilot project with Bermuda's financial regulator to explore how blockchain can enforce stablecoin regulations on chain. This initiative leverages Chainlink's Proof of Reserve and Automated Compliance Engine, providing regulators with real-time insights into the backing and circulation of stablecoins. The project was part of Bermuda's Innovation Hub and utilized various blockchain tools to enhance compliance visibility. Key components include Chainlink’s Proof of Reserve for publishing reserve data, Secure Mint for token issuance control, and integration by Apex Group for custody data. The system allows for real-time monitoring of compliance risks and connects verified issuers to minting wallets. This pilot marks a step towards automating compliance checks, aiming to facilitate institutional adoption of tokenized assets by banks, including JPMorgan and UBS.

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