WLFI’s USD1 Launches Real-Time Proof of Reserves Using Chainlink and BitGo

TLDR:

• USD1 now updates reserve backing every second, eliminating reporting gaps found in quarterly and monthly attestations.
• Chainlink oracles pull BitGo custody data onchain to show live supply, reserves, and collateralization ratios.
• The open-source dashboard allows any user to verify backing without paid tools or private access.
• Real-time proof of reserves shifts stablecoin transparency from delayed reports to continuous public verification.

USD1 has introduced a live, onchain proof of reserves system that updates every second. The move replaces delayed accounting reports with continuous blockchain verification. 

The system connects reserve custody data directly to smart contracts. It aims to close long-standing transparency gaps in the stablecoin market.

USD1 Real-Time Proof of Reserves Sets New Transparency Standard

The announcement first appeared in posts shared by Axel Bitblaze and WLFI on X. They described a system that streams reserve data onto the blockchain without manual updates. 

The design removes waiting periods linked to quarterly or monthly attestations.

Most stablecoins still rely on delayed reporting cycles. Tether publishes quarterly attestations, while Circle updates monthly. Both approaches leave short-term gaps between reserve changes and public disclosure.

USD1’s structure focuses on continuous validation instead of periodic snapshots. The dashboard displays total supply across supported blockchains. It also shows total reserve backing and the current collateralization ratio.

Developers made the dashboard code open source on GitHub. Users can clone the repository and run their own verification interface. The project states that no paid services or closed tools are required for inspection.

How Chainlink and BitGo Power Continuous Onchain Verification

The system runs through a Chainlink CRE job that pulls reserve figures from BitGo’s custody platform. 

Chainlink validates the data and writes it onchain in real time. BitGo serves as the reserve custodian supplying balance information.

This workflow removes manual accounting steps that slow traditional attestations. Data updates occur continuously rather than at fixed reporting intervals. Anyone can track backing levels as transactions change supply.

The dashboard aggregates supply from all supported chains. It then compares that figure with reserves held in custody. The collateralization ratio updates automatically as values change.

WLFI said the system addresses a structural transparency problem in stablecoins. Monthly attestations still include reporting delays due to accounting processes. The new setup aims to show backing status without interruption.

The posts describe USD1 as the first stablecoin to offer real-time, trustless proof of reserves. 

The emphasis rests on public verifiability rather than internal reporting. Developers argue the technology already existed, but few issuers adopted it.

By publishing the code and reserve feed logic, the project allows independent review. Market participants can confirm balances without relying on third-party statements. The approach reframes transparency as a live metric instead of a periodic disclosure.

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