Chainlink, ICE Partner to Deliver Forex and Precious Metals Data Onchain for DeFi
Blockchain oracle platform Chainlink has partnered with the US-based Fortune 500 company Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data onchain.
Chainlink announced Monday that the collaboration will bring ICE’s Consolidated Feed, which aggregates market data from over 300 global exchanges and marketplaces, to the derived data sets that power Chainlink Data Streams.
According to Chainlink, these feeds support over 2,000 decentralized applications (DApps) and major financial institutions to provide the market information necessary to operate in tokenized environments.
The partnership marks a major step in integrating traditional market infrastructure within the blockchain ecosystem.
Enhancing the accuracy of rates used by DeFi platforms
By using the pricing data provided by the ICE, Chainlink will enhance the accuracy and reliability of the rates used by decentralized finance (DeFi) platforms, asset managers and banks building products onchain.
The company expects that the move will boost the growth of institutional-grade blockchain-based applications that require low-latency and tamper-resistant market data, which is always a requirement for automated settlements and high-value transactions.
Maurisa Baumann, vice president of global data delivery platforms at ICE, said that working with Chainlink is “an important step in growing the global blockchain economy” because it ensures that markets built onchain have the same level of reliability and transparency as traditional capital markets.
Meanwhile, Fernando Vazquez, president of capital markets at Chainlink Labs, said the collaboration points toward “a unified, globally accessible onchain financial system.” He said this positions blockchain infrastructure to support the tokenization of trillions of dollars in assets, highlighting Chainlink’s push to bring institutional-grade standards to DeFi
Related: Animoca launches NUVA marketplace to unify ‘fragmented’ RWA sector
Tokenized RWAs continue to rise
The announcement comes as demand for tokenized real-world assets continues to rise. In June, Standard Chartered predicted that the RWA market could reach over $30 trillion by 2034.
Data tracker RWA.xyz shows the total RWAs onchain is around $25.7 billion, while stablecoins are over $260 billion at the time of writing.
In addition, data shows that the total asset holders for RWAs reached over 347,000, up 13.97% in the last 30 days. The data also shows that stablecoin holders are over 188 million, up 2.82% in the last 30 days.
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