Plasma Integrates Chainlink to Boost Stablecoin Development
Plasma, a layer-1 blockchain specialising in stablecoins, has recently integrated with Chainlink, a leading decentralised oracle network. This collaboration aims to enhance stablecoin development and adoption on Plasma's network.
Chainlink, with over $100 billion in total value secured, has partnered with prominent institutions like SWIFT, UBS, and Mastercard. Johann Eid, Chainlink Labs' Chief Business Officer, oversees business development and partnerships, including integrations with Plasma, Aave, Bitlayer, and the Brazilian Plexos Institute, supporting a diverse ecosystem with oracle, cross-chain interoperability, and data services.
Plasma, with a stablecoin supply surpassing $5.5 billion and a total value locked (TVL) of over $4.5 billion, has joined the Chainlink Scale program. This makes Chainlink its official oracle provider. Plasma supports Ethereum's leading decentralised finance protocol Aave, which has attracted over $6.2 billion in deposits. Following a successful mainnet launch, Plasma will utilise Chainlink's solutions such as the Cross-Chain Interoperability Protocol, Data Streams, and Data Feeds. Pendle has also expanded its DeFi offerings to Plasma, launching 5 yield markets.
The integration of Plasma and Chainlink is expected to strengthen stablecoin development and adoption on Plasma's network. By leveraging Chainlink's solutions, Plasma can enhance its cross-chain interoperability and data services, further expanding its ecosystem.
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