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LINK The U.S. state of Wyoming is adding near-real-time on-chain reserve verification to its state-issued Frontier stablecoins (FRNT) by expanding its integration with the blockchain oracle network Chainlink.
The Wyoming stablecoin Council said on Wednesday that it has used Chainlink's Proof of Reserve to release verification data on FRNT reserves and token supply on the chain. The system combines The Network Firm's independent audits with Chainlink's infrastructure to make data available in near real-time.
Wyoming has previously issued a daily certificate of reserves for FRNT, while the GENIUS Act requires monthly disclosure of the composition of reserves and the outstanding supply of stablecoins. The committee said the integration will provide more timely transparency to see changes in FRNT supporting assets between reporting cycles.
The committee is also promoting the adoption of Chainlink's "Secure Mint" feature, which requires that verified reserves must equal or exceed the total supply of FRNT before new tokens can be minted.
FRNT was launched in January and is backed by U.S. dollars and short-term U.S. Treasury bonds, with interest income generated from its reserves being deposited into Wyoming's school foundation program.
The move came about two weeks after Wyoming fully migrated FRNT from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP), making the CCIP the exclusive cross-chain infrastructure for the token.
Chainlink expands institutional influence
In recent months, Chainlink has gained multiple integrations in the areas of tokenized stocks, stablecoin settlement and traditional financial infrastructure.
More recently, Chainlink became its pricing data provider after Coinbase's B20 tokenized shares were launched on Base in August. These data sources cover stocks such as Apple, Nvidia, Meta and Alphabet, and allow the DeFi protocol to value tokens for scenarios such as lending, trading and mortgage.
In June, Chainlink participated in the "Pangea Project" with banking groups in Europe and South Korea, which is exploring the use of regulated euro and South Korean won stablecoins for atomic foreign exchange settlement between the two regions.
Its push into traditional financial infrastructure also includes the American Depository, Trust and Clearing Corporation (DTCC), which said in May that it would integrate Chainlink technology into its planned 24/7 tokenized collateral management platform. In the same month, Fidelity International also used Chainlink and Sygnum infrastructure to launch tokenized liquidity funds, while JPMorgan Chase provided daily net asset value data for pricing.
According to CoinGecko data, Chainlink's LINK token has risen more than 34% in the past month and traded at around $11.07 on Wednesday.
LINK has gained around 34% over the past month. Source:CoinGecko
