Fluent Integrates Chainlink Proof of Reserve To Help Monitor US Plus Reserves
FOR IMMEDIATE RELEASE
Salt Lake City, UT — Fluent Finance, the fintech firm behind the US Plus stablecoin, has launched its real-time fiat proof-of-reserves (RTPoR) using Chainlink Proof of Reserve on Ethereum during the project’s beta. Fluent’s US Plus is designed to have a 1:1 ratio between US Plus issued and dollar collateral. Combined with the Fluent consortium of banks within the US Plus ecosystem, users will always be able to exchange their stablecoins for U.S. dollars. The addition of RTPoR gives the market, along with users of US Plus, absolute certainty of the security of their stablecoin holdings.
“When we examined stablecoins, we knew that the lack of institutional uptake of the technology was due to risk,” explained Bradley Allgood, CEO of Fluent. “With that in mind, when we approached the design of US Plus, we did so in terms of de-risking. We knew we needed to provide real-time and transparent reserves monitoring, remove the single point of failure, and implement strong KYC/KYB processes through a consortium of banks.
“Fluent’s ability and willingness to offer real-time reserves data on-chain through Chainlink Proof of Reserve reinforces our commitment to the consumer. It also helps set an industry standard, one that removes the opacity from reporting liquidity or collateral in the cryptocurrency industry.”
Chainlink Proof of Reserve enables accurate real-time monitoring of off-chain and cross-chain reserves using automated verifications. By integrating Chainlink Proof of Reserve, Fluent’s reporting procedures now include a decentralized oracle network that fetches off-chain reserve data and publishes it on the chain. The use of oracles helps prevent manipulation of data, and users are able to access reserves data in a transparent manner that allows them to verify that US Plus is 100% backed.
The issuance and redemption process for US Plus occurs through the Fluent Protocol, and is accessible to clients of any Fluent consortium banking partner. The banks themselves are independent of Fluent, but Fluent has integrated with their core systems — this means that Fluent itself cannot create a supply of US Plus that is not equal to the reserves held. It also mitigates the risk of a single point of failure, as the custody of reserves backing US Plus within the consortium is decentralized.
“There’s so much to our approach, and this comes from having the team members that held senior positions at some of the largest banks,” says Allgood. “Creating a stablecoin means understanding money, it means having a robust monetary policy as an issuer. We’re user-oriented, first focusing on consumer protections while working in a regulated environment, then focusing on user experience with the ability to convert between fiat and US Plus with a single click for account holders.”
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Fluent is a product and technology company operating an open stablecoin protocol and a private settlement network called F-Net.
At the center of Fluent Protocol is US Plus, an auditable stablecoin, 100% backed by cash and equivalents. Operated by a consortium of Member Banks and pegged one-to-one with U.S. dollars, US Plus is compliant with all current financial regulations and future-proofed to accommodate impending legislative actions.
For more information, please visit https://fluent.finance