StableX acquires Chainlink crypto in stablecoin play
StableX acquires Chainlink tokens as part of its second major crypto asset purchase, following its investment in FLUID.
- StableX announced the acquisition of Chainlink crypto due to its importance for stablecoins
- The acquisition is the second purchase after StableX purchased FLUID tokens
- StableX is executing a $100M strategy focused on acquiring tokens that power the stablecoins
Stablecoins are going mainstream, as are the crypto networks that power them. On Thursday, Oct. 16, Nasdaq-traded firm StableX Technologies announced its purchase of Chainlink (LINK) tokens. The move is part of a $100 million strategy focused on crypto tokens that power the stablecoin ecosystem.
According to StableX, Chainlink (LINK) is a key element of the DeFi infrastructure powering stablecoins. For this reason, the acquisition aligns with its strategy to become a pure-play investment in stablecoin infrastructure.
“Our investment in Chainlink (LINK) represents a cornerstone of StableX’s strategy and the future of the stablecoin ecosystem,” said James Altucher, StableX’s Digital Treasury Asset Manager. “We believe Chainlink is uniquely positioned to ride the growth in the stablecoin industry, powering critical functions such as price feeds and proof-of-reserve verification for leading issuers like USDT and USDC.”
Chainlink key for stablecoins: StableX
According to StableX, Chainlink is key for stablecoins for several reasons. For one, Chainlink provides real-time data that helps stablecoins remain pegged to their underlying assets across DeFi protocols. Moreover, Chainlink directly works on stablecoin proof-of-reserves. It also has several high-profile institutional partnerships, giving it credibility.
“With partnerships spanning Swift, UBS, S&P, and the U.S. Department of Commerce, Chainlink is rapidly becoming the data backbone of both decentralized and traditional finance. Holding a dominant 68% share of the decentralized oracle market, LINK was a must-own asset as we build the only pure-play portfolio dedicated to stablecoins,”
This acquisition follows StableX’s investment in FLUID. StableX did not disclose how many Chainlink tokens it bought in its press release.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hyperliquid News Today: DeFi Faces Liquidity Challenges: $3 Million Exploit Reveals Underlying Vulnerabilities
- Hyperliquid paused deposits/withdrawals after a suspected POPCAT memecoin price manipulation attack caused $4.95M in losses for its community liquidity pool. - A trader used 19 wallets with $3M in USDC to create $25.5M in leveraged long positions, triggering rapid liquidations when prices collapsed. - This follows a March incident involving JELLYJELLY memecoin, highlighting systemic risks in DeFi platforms managing leveraged trades and low-liquidity assets. - The attack exposed vulnerabilities in onchain
Cardano News Today: Blockchain Evolves as Practical Applications Surface During DeFi Upheaval
- Blockchain industry shifts from speculation to real-world utility in real estate , privacy protocols, and DeFi, driven by projects like Propy and Lygos Finance. - Privacy chains (Midnight, Zcash) gain traction with hybrid compliance-privacy models, while DeFi faces TVL declines and security breaches like Balancer's $120M exploit. - Digitap's fintech app and Europe's institutional crypto adoption highlight blockchain's mainstream appeal, with euro-denominated futures and DeFi yields attracting investors.
Bitcoin Updates Today: BlockchainFX Secures AOFA License, Paving the Way for Major Crypto Shakeup in 2026
- BlockchainFX secured an AOFA license, enhancing its global legitimacy as a regulated crypto platform. - Its $11M presale with 17,300+ participants and $0.03 token price targets 2026 growth amid multi-market access. - Analysts highlight its regulatory edge over unlicensed rivals like Hyperliquid and Bitcoin's speculative potential. - Market dynamics favor BlockchainFX as crypto surges to $3.5T, though risks include volatility and regulatory scrutiny.
Solana News Update: As Interest in Solana Memes Declines, DeFi Activity Surges Amid User Departures
- Solana's active addresses hit a 12-month low as memecoin-driven hype wanes, despite token price rebounding to $165. - DeFi resilience seen with $5.11B DEX volume in mid-November, outpacing Ethereum and BNB Chain. - Staking growth accelerated by 2.9M SOL increase and new U.S. Treasury rules enabling crypto ETF staking rewards. - Price faces $172 resistance; technical indicators show 62% pullback probability to $150 support zone. - Institutional adoption and real-world utility critical for Solana to sustai
Trending news
MoreCrypto prices
More
