Chainlink co-founder Sergey Nazarov made history last month at the first ever White House Crypto Summit, where he spoke to the President about how the U.S. can and should continue its global leadership role in the new onchain financial system.
In a subsequent interview with Bloomberg Crypto, Nazarov said the new administration is moving fast to advance digital asset adoption, beginning with an executive order to establish a strategic Bitcoin reserve, with stablecoin and market structure legislation to follow.
During his time in D.C., Nazarov underscored his belief that the U.S. should strive to become a dominant force in web3 by issuing the most abundant and reliable tokenized real-world assets (RWAs) and automating compliance so they can be adopted around the world.
Chainlink achieved an economic milestone in March with the mainnet launch of Chainlink Payment Abstraction, a novel cross-chain system that reduces friction within the Chainlink Network by allowing users to pay for Chainlink services in various alternative assets (starting with ETH) that are automatically converted to LINK using Automation, Price Feeds, Cross-Chain Interoperability Protocol (CCIP), and a decentralized exchange (initially Uniswap V3).
Payment Abstraction’s initial application is converting the Chainlink Network portion of fees generated by Smart Value Recapture (SVR), an innovative solution for users of Chainlink Price Feeds to recapture oracle-related Maximal Extractable Value (MEV) from liquidations. Last week, leading DeFi protocol Aave became the first to integrate SVR on Ethereum mainnet.
Adoption of the Chainlink standard, which supports a spectrum of RWA and stablecoin issuers from top DeFi protocols to some of the world’s largest financial institutions, continued to accelerate in March.
OpenUSDT, an interoperable version of the world’s largest stablecoin, USDT, adopted CCIP to power cross-chain transfers that broaden access to USDT’s $141B+ market cap throughout the OP Superchain ecosystem.
Blockchain and IoT platform Jasmy also integrated CCIP across the Base and Ethereum mainnets. Jasmy is using CCIP’s Cross-Chain Token (CCT) standard to enhance the utility and liquidity of JASMY, an ERC-20 token with a $600M+ market cap.
Tokenized RWA platform OpenEden integrated both CCIP and Proof of Reserve on Base and Ethereum to boost the transparency and interoperability of USDO – the first regulated, yield-bearing stablecoin fully backed by tokenized U.S. Treasuries.
Rounding out a month filled with trips to the nation’s capital, Nazarov joined U.S. House Majority Whip Tom Emmer on stage at DC Blockchain Summit to discuss the new administration’s push to drive global blockchain and digital asset adoption.
Emmer, who expects a stablecoin bill and a market structure bill to be completed before August recess, believes the government is moving at tech speed to clearly define a regulatory environment that fosters cutting-edge advancements.
“We need all that innovation, all those risk-takers and creators in this country – that’s the definition of success,” he said.
“You have a completely new day in America.”
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