The blockchain oracle platform Chainlink has teamed up with the US-based Fortune 500 firm Intercontinental Exchange (ICE) to incorporate foreign exchange and precious metals information onchain.
Chainlink revealed on Monday that the partnership will integrate ICE’s Consolidated Feed, which consolidates market information from over 300 global exchanges and marketplaces, into the derived data sets that drive Chainlink Data Streams.
As per Chainlink, these feeds benefit more than 2,000 decentralized applications (DApps) and prominent financial entities to deliver essential market data required for functioning in tokenized ecosystems.
This collaboration represents a significant advancement in assimilating traditional market infrastructure into the blockchain framework.
Improving the precision of rates utilized by DeFi platforms
ICE is a US-based organization that manages global financial exchanges, clearing houses, and data services. It creates and operates digital networks that connect purchasers and vendors across major asset categories. It is most recognized for being the owner of the New York Stock Exchange.
Leveraging the pricing information, Chainlink will improve the precision and dependability of the rates adopted by decentralized finance (DeFi) platforms, asset managers, and banks developing products onchain.
The firm anticipates that this action will stimulate the expansion of institutional-grade blockchain applications that demand low-latency and tamper-proof market data, which is always crucial for automated settlements and high-value transactions.
Maurisa Baumann, vice president of global data delivery platforms at ICE, stated that collaborating with Chainlink is “a crucial milestone in advancing the global blockchain economy” as it guarantees that markets established onchain possess the same level of reliability and transparency as conventional capital markets.
Fernando Vazquez, president of capital markets at Chainlink Labs, declared that the partnership indicates “a cohesive, globally accessible onchain financial system.” He noted that this positions blockchain infrastructure to accommodate the tokenization of trillions of dollars in assets, emphasizing Chainlink’s commitment to bringing institutional-grade criteria to DeFi.
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Tokenized RWAs continue to rise
The announcement coincided with the growing demand for tokenized real-world assets. In June, Standard Chartered forecasted that the RWA market could surpass $30 trillion by 2034.
Data analytics platform RWA.xyz indicated that the total value of RWAs onchain was approximately $25.7 billion, while stablecoins exceeded $260 billion at the time of writing.
Moreover, data revealed that the total number of asset holders for RWAs surpassed 347,000, reflecting a 13.97% increase over the last 30 days. The statistics also indicated that stablecoin holders numbered more than 188 million, marking a 2.82% rise in the past month.
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