Stablecoins needed transparency and real oversight.
Together with @chainlink, @ApexGlobalGroup, and @blupryntco, we piloted a regulatory-grade stablecoin framework for the Bermuda Monetary Authority – embedding compliance and supervision directly onchain.
Details 👇
Chainlink & @ApexGlobalGroup have successfully created an institutional-grade stablecoin infrastructure solution supporting the Bermuda Monetary Authority’s embedded supervision initiative.
Conducted in collaboration with the Bermuda Monetary Authority as part of its Innovation Hub, the solution enables a unified, compliance-forward, institutional-grade stablecoin framework powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), Automated Compliance Engine (ACE), and Proof of Reserve.
The Bermuda Monetary Authority (BMA) serves as the regulator for Bermuda’s financial services sector, responsible for issuing the Bermudian dollar and overseeing institutions such as banks and insurers.
As of 2023, Bermuda hosted over 1,200 registered insurers that collectively underwrote more than $277 billion in gross premiums. In 2022, the banking sector reported its consolidated assets as $26 billion.
In the solution, Chainlink serves as the official, trusted infrastructure enabling regulated asset issuers, through its full-stack oracle platform:
• Enabling seamless cross-chain interoperability with zero-slippage transfers through the Cross-Chain Token (CCT) standard powered by CCIP.
• Using the Automated Compliance Engine (ACE) to enforce Bermuda-specific regulatory and operational policies directly onchain.
• Posting real-time reserve data onchain via Chainlink Proof of Reserve, providing continuous visibility into the stablecoin’s underlying collateral.
• Securing onchain issuance via Secure Mint to mitigate against infinite mint attacks by validating reserves before new supply is minted.
The solution also brings together key Chainlink ecosystem members:
• Apex, the leading global services provider with $3.5T in assets, for stablecoin asset servicing, including custody of underlying assets, reserve management, and tokenization.
• @blupryntco, a trusted identity issuer backed by Robinhood, for linking verified entities to their mint authority wallets.
• @hackenclub, a blockchain security and compliance protocol with $430+ billion in assets verified across proof of reserve audits, for onchain visibility and intelligence through real-time security and compliance dashboards.
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