OpenEden has integrated Chainlink’s Cross-Chain Token (CCT) standard to enable cross-chain transfers of its yield-bearing USDO stablecoin.
The transition also facilitates greater interoperability through Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as well. OpenEden has incorporated Chainlink Proof of Reserve (PoR) to enhance transparency into the reserves backing USDO, including U.S. Treasury bonds. Treasury bills and reverse repurchase agreements.
The company intends to leverage Chainlink Price Feeds for immutable and trusted market data. USDO operates as a regulated tokenized U.S. asset. Treasury-backed stablecoin of the world.
OpenEden secures USDO with Chainlink integration
OpenEden Digital, as the Bermuda affiliate of OpenEden Group, issues USDO under Bermuda’s Digital Asset Business Act (DABA). Additionally, OpenEden Digital aims to combine compliance and decentralized finance (DeFi) composability to make USDO a secure and effective on-chain asset.
Jeremy Ng, founder and CEO of OpenEden Group, emphasized security, transparency, and interoperability as being of primary importance. He referenced Chainlink’s infrastructure as being of vital significance in the creation of USDO.
The addition of CCIP improves cross-chain security via Chainlink’s standalone Risk Management Network and Decentralized Oracle Network (DON). Both of them monitor transactions in real-time to prevent exploits as well as unauthorized usage.
By adopting Chainlink CCIP, OpenEden simplifies multi-chain operations. The integration of Chainlink’s CCT standard allows zero-slippage transfers without altering USDO’s token contract. Configurable rate limits and Smart Execution features ensure transactions remain smooth, even under network congestion.
OpenEden expands with Chainlink transparency
These updates allow OpenEden to scale on new networks and onboard more assets. Apart from this, OpenEden now uses Chainlink PoR for autonomous on-chain validation of USDO’s backing. This provides users with real-time assurance regarding the security of their holdings.
The addition also backs OpenEden’s existing real-time proof of reserves, further enhancing trust in the stability of USDO. Chainlink Price Feeds are also being integrated into the company. This will provide them with accurate pricing data for lending, borrowing, and trading within DeFi applications.
Precise market data facilitates OpenEden’s goal of expanding the usefulness of USDO in decentralized finance. This integration is one of the most notable milestones in OpenEden’s goal of bringing regulated yield-bearing stablecoins into the decentralized economy.
USDO now has cross-chain functionality, native yield generation, and on-chain transparency. OpenEden further innovates asset tokenization, bringing traditional finance into the blockchain world.
