Spartan Hill creates Colombian peso stablecoin DLY with Chainlink integration

Spartan Hill, a FinTech platform based in South America, announced a Chainlink (LINK/USD) Price Feeds integration to support Daily (DLY), a new, decentralized Colombian Peso stablecoin, Invezz learned from a press release.

Spartan Hill can calculate the value of crypto collateral used to mint or burn new DLY stablecoins by using a new Chainlink Price Feed for COP-USD safely and accurately. That way, the new token becomes very reliable and trusted as an asset because it runs decentralized end-to-end.

Chainlink secured tens of billions for top DeFi protocols

Spartan Hill chose Chainlink because it’s the most popular, time-tested oracle network in the blockchain industry and has helped secure tens of billions in value for top DeFi platforms. Chainlink Price Feeds boast vast market coverage, enabling them to provide high-quality price data on-chain.

Cesar Marroquin, CIO of Spartan Hill, said:  

The first decentralized peso stablecoin

Spartan Hill is a pioneer in building DLY, the first native decentralized stablecoin in South America, which is in a currency board with the Colombian peso. The coin will be an easily accessible digital asset for everyone looking for stable collateral or stable crypto payments within money markets and other DeFi protocols.

Chainlink Price Feeds will play a pivotal role by providing current, accurate, and tamper-proof COP-USD price reference data, making sure the new stablecoin is always fully collateralized.  

Benefits of Chainlink Price Feeds  

Chainlink Price Feeds boast pluses like secure node operators, reliable data, a great reputation, and a fully decentralized network. Their data comes from a number of premium data aggregators. It’s cleaned of bulk, weighted by volume, and aggregated from hundreds of exchanges.

The feeds are decentralized at the oracle network levels, oracle node, and data source, generating strong protections against tampering and downtime. They are secured by security-reviewed, independent oracle nodes run by leading data providers, blockchain DevOps teams, and traditional enterprises.

Finally, Chainlink’s solid reputation precedes them. Their users are able to check the real-time prices being offered and verify the historical performance of node operators and oracle networks independently.