Trustline
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Introduction
A guide for integrators.
This section documents how to integrate Probity Vault stablecoins into your financial systems. Stablecoins on the Probity platform are issued by regulated entities, and currently the Songbird network and XRP Ledger are fully supported chains. We're planning to privately issue Phi and Aurei to the Ethereum network in order to fully support the institutional use-case. Since Probity LLC is the governing body of the system, stablecoin integrators must meet the LLC's requirements by applying for status as an authorized issuer or distributor. Approval of applicants is subject to risk-based due diligence, meaning that businesses who provide sufficient evidence of compliance with local regulatory regimes will be granted access.
Trustline adheres to the Global Digital Finance Code of Conduct and more specifically, Principles for Stablecoin Issuers. We believe that these rules are necessary for a healthy functioning stablecoin markets to develop to the level of global quotidian utility. Concerns ranging from pricing and valuation, issuance and redemption, market integrity and risk, disclosures, KYC, and governance are fully addressed through controls of the system or via features already built into the underlying infrastructure.
Aurei
A classic dollar-pegged stablecoin on the Flare Network
Aurei (code: AUR, symbol: ₳) is minted by liquidity providers. It is an over-collateralized crypto stablecoin that will be backed by Spark (FLR) and FXRP, as well as other potential F-Assets. Every unit of Aurei corresponds to a unit of an underlying collateral asset maintaining a value greater than $1. In some cases, over-collateralization of 2x or greater is required to ensure that the price of Aurei maintains the peg to the US dollar.
Aurei is not yet available for integration.
Phi
A proto-Aurei stablecoin on the Songbird network
Phi (code: PHI, symbol: Φ) is an experimental stablecoin to be launched on the Songbird network in early 2022. It will feature the same dollar-peg as Aurei, but we intend to experiment with an inflation-resistance feature as soon as Q1 2022. The closest analog to Phi's inflation-resistance are Treasury Inflation-Protected Securities (TIPS). As stated on the TreasuryDirect website, TIPS are "marketable Treasury securities whose principal is adjusted according to changes in the Consumer Price Index. With inflation, the principal increases. With deflation, it decreases." The CPI is generally regarded as a reliable source of inflation data. However, the CPI is a centralized metric and is not always regarded as accurate. A better solution involves a decentralized calculation of the CPI based on third-party algorithms which can be fed into the system as a signal where governors can vote on the weighted-average dollar inflation rate. The market for stablecoins and the inflation rate voting will settle into an equilibrium. For the initial launch of inflation-resistance, Trustline will feed solely CPI data into Probity.
Last modified 2d ago