WEB3
by BSCN
August 12, 2024
Using Chainlink's infrastructure, Superstate hopes to make USTB more versatile within decentralized finance (DeFi), creating new financial products and opportunities in the tokenized asset market.
Superstate, an asset management firm, integrated Chainlink’s infrastructure into its Superstate Short Duration US Government Securities Fund (USTB). This integration is designed to enhance the transparency and utility of USTB, a tokenized treasury fund, according to a press release shared with BSCN.
Robert Leshner, CEO and Co-founder of Superstate, emphasized the importance of reliable on-chain data for the tokenized asset market. He stated:
"Asset tokenization enhances efficiency, programmability, and transparency but requires reliable on-chain data to unlock DeFi and automation use cases. Our integration with Chainlink ensures transparent data for our investors, allowing us to focus more on our core business."
By leveraging Chainlink's decentralized oracle technology, Superstate can now bring real-time net asset value (NAV) data on-chain, a crucial step toward advancing the utility and transparency of tokenized assets.
Chainlink will allow NAV data for the USTB tokenized fund to be securely brought on-chain. NAV data is critical in determining the value of both traditional and tokenized funds.
For USTB, this data is calculated off-chain by NAV Fund Services and Superstate, and then it is securely reported on-chain through Chainlink’s infrastructure. This process ensures that the data is accurate, transparent, and available in real-time for investors and other market participants.
In the coming months, Superstate plans to further integrate Chainlink's Proof of Reserve (PoR) technology.
PoR is a powerful tool that provides on-chain verification of assets under management (AUM) data. This technology allows investors to independently verify the collateralization of the assets backing the USTB fund, enhancing trust and security.
Chainlink's collaboration with Superstate is part of its broader strategy to support the growth of the tokenized asset economy.
For instance, recently, 21Shares US LLC, an affiliate of 21Shares AG, integrated Chainlink’s Proof of Reserve on Ethereum’s mainnet to enhance the transparency of its Core Ethereum ETF (CETH). This integration provides clear visibility into the Ethereum reserves backing the ETF, boosting investor confidence.
Similarly, last July, Bancolombia Group-backed Wenia, Columbia’s largest bank, partnered with Chainlink to enhance the transparency and security of its stablecoin, COPW, by integrating Chainlink’s PoR technology.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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