The blockchain oracle platform Chainlink collaborates with the U.S. Fortune 500 company Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data on-chain.
Chainlink announced on Monday that this collaboration will integrate ICE's comprehensive data, collected from over 300 exchanges worldwide, into the dataset supporting Chainlink data streams.
According to Chainlink, these data streams support over 2,000 decentralized applications (DApps) and provide essential market information for major financial institutions, helping them operate in a tokenized environment.
This marks a significant integration of traditional market infrastructure with the blockchain ecosystem.
Enhancing the accuracy of exchange rates for DeFi platforms
By leveraging the pricing data provided by ICE, Chainlink will enhance the accuracy and reliability of exchange rates required for DeFi platforms, asset managers, and banks to build on-chain products.
The company expects this move to drive the growth of institutional-level blockchain applications for low-latency, tamper-proof market data, which is a fundamental requirement for automatic settlement and large transactions.
Maurisa Baumann, Vice President of the Global Data Delivery Platform, stated that the collaboration with Chainlink ensures that on-chain markets are as reliable and transparent as traditional capital markets, which is an important step in 'developing the global blockchain economy.'
Meanwhile, Fernando Vazquez, head of capital markets at Chainlink Labs, stated that this collaboration points towards a 'unified, globally accessible on-chain financial system.' He emphasized that this move promotes Chainlink in establishing institutional-level standards for decentralized finance.
Increasing demand for tokenized physical assets
With Standard Chartered estimating that the market size for physical assets will exceed $30 trillion by 2034, the demand for tokenized physical assets continues to grow.
Data tracking platform RWA.xyz shows that the total value of on-chain physical assets is approximately $25.7 billion, while the total value of stablecoins exceeds $260 billion.
Furthermore, data shows that the total number of holders of physical assets has increased by 13.97% in the past 30 days, reaching over 347,000; the number of stablecoin holders has also increased by 2.82% during the same period, exceeding 188 million.
