Chainlink, Apex Group Test Onchain Stablecoin Compliance With Bermuda Regulator

Chainlink and Apex Group have successfully piloted a blockchain system with the Bermuda Monetary Authority to enforce stablecoin regulations on chain. This innovative system leverages Chainlink's Proof of Reserve and Automated Compliance Engine to provide regulators with real-time insights into a stablecoin's backing and circulation, allowing for automated compliance checks. The pilot was conducted through the authority’s Innovation Hub and demonstrated how blockchain tools could give regulators ongoing visibility into stablecoin operations. Moreover, the system uses Secure Mint to manage token issuance in accordance with asset backing and includes a robust compliance monitoring mechanism provided by Hacken. This initiative aligns with Chainlink's efforts to promote institutional adoption of tokenized assets and is already being utilized by banks like JPMorgan and UBS for cross-chain applications.

Source 🔗