Chainlink, Apex Group Test Onchain Stablecoin Compliance With Bermuda Regulator

Core Insights - Chainlink and Apex Group completed a pilot project with Bermuda's financial regulator to test blockchain infrastructure for enforcing stablecoin rules directly on-chain [1] - The pilot aims to provide regulators with continuous visibility into stablecoin backing and circulation through a combination of blockchain tools [1] Group 1: Pilot Project Details - The system utilizes Chainlink's Proof of Reserve to publish reserve data on-chain and Secure Mint to limit token issuance to backed amounts [2] - Apex Group, managing $3.5 trillion in assets, contributed data on custody and reserves for the project [2] - Chainlink's Automated Compliance Engine (ACE) integrated Bermuda-specific policy requirements into the stablecoin's operations [2] Group 2: Compliance and Monitoring - Hacken introduced real-time monitoring for compliance risks, including flagged wallet activities and unexpected on-chain behaviors [3] - The system connects verified issuers to minting wallets via Bluprynt's identity layer, linking token issuance to real-world entities [3] Group 3: Implications and Future Directions - The pilot simulated automatic compliance checks on-chain, contrasting with traditional after-the-fact reporting methods [4] - This project aligns with Chainlink's strategy to promote institutional adoption of tokenized assets, with its Chainlink Runtime Environment (CRE) already utilized by banks like JPMorgan and UBS for cross-chain applications [4]