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Chainlink (LINK) tech is bringing South America its first stablecoin

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FinTech firm Spartan Hill has announced it is integrating Chainlink Price Feeds to help power a new decentralized Colombian Peso stablecoin called Daily (DLY), CryptoSlate learned in a release.

The team will sponsor and use a new Chainlink Price Feed for COP-USD to accurately and securely calculate the value of crypto collateral used to mint/burn new DLY stablecoins. 

“We selected Chainlink because it’s the blockchain industry’s most widely used and time-tested oracle network, helping secure tens of billions of dollars in value for top decentralized finance (DeFi) protocols,” noted Spartan Hill in a statement. “Chainlink Price Feeds provide high-quality price data on-chain with extensive market coverage and robust underlying oracle infrastructure, establishing strong protections against downtime and price inaccuracies on a single or small set of exchanges.”

Chainlink is a decentralized oracle network that powers hybrid smart contracts, providing developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain.

Why Chainlink?

Spartan Hill is a FinTech platform based in South America that offers a comprehensive investment portfolio in cryptocurrencies and other markets. It recently launched Pluto, a point-of-sale solution that allows users to directly pay for goods in cryptocurrencies—most notably Bitcoin, Ethereum, and USDT. 

Through building DLY, Spartan Hill is introducing a native decentralized stablecoin into South America that’s pegged to the Colombian Peso. DLY will establish an easily accessible digital asset for users around the continent looking for stable crypto payments or stable collateral within DeFi protocols like money markets. 

The firm said it chose Chainlink Price Feeds because they were optimized around several important features, such as high-quality data, secure node operators, a decentralized network, and a strong on-chain reputation.

“Chainlink Price Feeds are the ideal solution to support the upcoming launch of DLY as they are thoroughly time-tested in production and backed by enterprise-grade data quality and infrastructure security,” explained Cesar Marroquin, CIO of Spartan Hill in a statement.

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