TRON DAO has announced that the USD1 stablecoin now uses Chainlink’s data system. Real-time price data of USD1, such as how much USD1 is worth in TRX or other assets, is now available directly on the blockchain.
With Chainlink’s reliable oracles, DeFi applications on TRON are now able to tap into safe and current pricing for USD1. This enables smart contracts to operate more dependably, specially for trading, lending, or any form of financial activity that requires price precision.
Justin Sun reported on July 7 that USD1 was now officially launched on the Tron network. The initial trading pairs, USDT/USD1, TRX/USD1, and NFT/USD1, were activated on SunSwap, a Tron-based decentralized exchange.
USD1 is a stablecoin backed by fiat that was developed to provide a digital equivalent of the US dollar. It is supported by World Liberty Financial (WLFI). USD1 seeks to bring the stability of fiat and the versatility of blockchain technology together.
Chainlink is an oracle network that is decentralized, linking blockchains to real-world information. It assists smart contracts in gaining trustworthy information outside of the blockchain, such as price feeds, weather forecasts, or sports scores. This is crucial since blockchains are unable to acquire outside data themselves, and Chainlink ensures that the information is accurate, secure, and tamper-proof.
Through Chainlink’s data feeds, TRON enhances the security and efficiency of its network. TRON developers are now in a position to create more sophisticated and reliable DeFi products, confident that the data they rely on is from a trusted source.
Also Read: Trump-Backed WLFI’s USD1 Stablecoin Goes Live on BounceBit
