Blockchain
DTCC Completes Blockchain Pilot Project with Chainlink
The Depositary Trust and Clearing Corporation (DTCC) has completed a pilot project with Oracle blockchain Chain shirt and U.S.-based financial institutions.
In essence, this initiative aimed to accelerate the tokenization of funds, and the resulting project, called Smart NAV, aims to create a standardized method for distributing funds’ net asset value (NAV) data across various private and public blockchains using the protocol of Chainlink CCIP interoperability. . Participants in the project included American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and US Bank.
The pilot demonstrated that providing structured data on-chain and establishing standard roles and processes can integrate critical data into numerous on-chain applications, such as tokenized funds and “mass consumer” smart contracts, which store data for multiple funds.
This pilot coincides with the growing trend towards tokenization of real-world assets (RWA) such as bonds, funds and other traditional investments. According to coindesk.com, major financial institutions, including BlackRock, Citi and HSBC, are exploring this technology to gain benefits such as operational efficiency, faster settlements and greater transparency compared to conventional financial systems.
More developments from Chainlink
In April 2024, Chainlink launched Transporter, which is a secure app for linking tokens and messages across blockchain. Built in collaboration with the Chainlink Foundation, with support from Chainlink Labs, Transporter provided users with an intuitive interface for sending and tracking cross-chain transactions over CCIP, a standard for cross-chain interoperability.
With a deep defense security model supported by time-tested Chainlink infrastructure, Transporter has enabled users to transfer tokens across a variety of blockchains, starting with Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon and WEMIX.
At the time, Chainking officials explained that Transporter made it easier to leverage the security benefits of Chainlink CCIP for transferring large token values and critical messages across chains.
In February 2024, Chainlink has announced its support for PYUSD (PayPal’s USD-backed stablecoin issued by Paxos) Price feed on the Ethereum mainnet. Secured by the industry-standard Chainlink oracle network, the new PYUSD price feed allowed users to view highly accurate, reliable, and decentralized market data for PYUSD on the blockchain. This provided users with the information needed to help create secure markets around PYUSD and adopt it as the stablecoin of choice to facilitate on-chain payments.