Chronicle, a prominent provider of oracle infrastructure and verifiable onchain finance, has announced its integration into MoonPay’s enterprise stablecoin services, which leverage the M0 platform. This collaboration ensures the secure and accurate minting and redemption of stablecoins issued by MoonPay, offering continuous verification of the underlying assets that back these digital currencies, thereby enhancing the integrity of the digital dollar framework.
As MoonPay expands its reach in stablecoin issuance across regions like the United States, Asia, and Latin America, Chronicle’s verification layer is critical in providing the required transparency and security that institutional clients demand. The partnership combines Chronicle’s acclaimed data verification technology with M0’s programmable stablecoin solutions and MoonPay’s extensive global payment network.
“Stablecoins require precise, independently verifiable issuance and redemption mechanisms,” stated Nik Kunkel, Founder of Chronicle. “Our integration ensures that every MoonPay stablecoin minted or redeemed is backed by verifiable underlying assets in real-time. This level of transparency and security is non-negotiable for enterprise adoption.”
Chronicle serves as a validator within the M0 ecosystem, performing several essential functions:
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Continuous Underlying Asset Verification: Chronicle verifies that all issued stablecoins are fully backed by the requisite underlying assets, ensuring a consistent one-to-one parity.
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Secure Minting Authorization: Before any new stablecoins are introduced into circulation, Chronicle’s system confirms that adequate collateral has been deposited, preventing over-issuance and ensuring the integrity of the system.
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Redemption Accuracy: During the redemption process by enterprises or end-users, Chronicle validates transactions to guarantee the accurate release of both stablecoins and underlying assets, thus maintaining trust in the process.
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Multi-Chain Support: As MoonPay operates across different blockchains, Chronicle’s infrastructure ensures consistent verification of stablecoin operations across these various networks, promoting true interoperability.
This collaboration marks a significant step forward in the landscape of programmable money. By integrating Chronicle’s verifiable data layer with MoonPay’s enterprise services and M0’s open infrastructure, a robust framework for institutional stablecoin adoption is realized. This includes:
- Issuance Layer: MoonPay is responsible for the creation and management of enterprise-grade stablecoins.
- Infrastructure Layer: M0 provides protocols that are programmable and interoperable.
- Verification Layer: Chronicle maintains security and continuous verification.
- Distribution Layer: MoonPay’s global network facilitates immediate utility and access.
Ivan Soto-Wright, CEO and co-founder of MoonPay, emphasized the partnership’s role in scaling stablecoin solutions at a global level: “Together, we enable transparent, secure, and compliant stablecoin operations for enterprise partners.”
As MoonPay continues to enhance its stablecoin services for a diverse array of enterprises, fintechs, wallets, and payment service providers worldwide, Chronicle’s technology will help ensure a secure scaling of services to meet the demands of increasing transaction volumes while maintaining the rigor and precision required by institutional stakeholders.
The M0 platform serves as an open infrastructure for multi-issuer stablecoins, relying on a distributed network of validators to uphold transparency and security. Chronicle’s role as a validator significantly enhances the integrity of this network. Luca Prosperi, CEO and co-founder of M0, noted, “Chronicle’s participation strengthens the integrity of the entire network and gives enterprises the confidence their operations are built on verifiable, transparent infrastructure.”
Chronicle has established itself as a verifiable data standard for onchain finance, having been crafted by the original team behind MakerDao, who developed the first Oracle on Ethereum in 2017. This foundation has secured billions in value, ensuring that each price, rate, and data point originates from reputable markets and is verified through cryptographic proofs.
Founded in 2019, MoonPay has grown into a global financial technology leader, facilitating transactions across fiat and digital assets for over 30 million customers in 180 countries. MoonPay offers comprehensive services such as trading, crypto payments, and stablecoin infrastructure through a single integration, connecting traditional payment systems with blockchain technology.
M0, the universal stablecoin platform at the heart of this collaboration, empowers developers to build application-specific stablecoins, providing the necessary infrastructure for issuers to create fully reserved digital currencies with institutional-grade security.
