[Colombia’s largest bank uses Chainlink to improve stablecoin transparency]
Wenia, a digital asset company owned by Bancolombia Group, recently integrated Chainlink’s Proof of Reserve (PoR) technology to improve the transparency of its Colombian peso stablecoin (COPW) and prevent infinite minting attacks.
Wenia CEO Pablo Arboleda said that this initiative is an important milestone in Colombia’s digital asset industry and highlights the popularity and integration of cryptocurrencies in the country’s financial ecosystem.
According to the announcement, the partnership responds to growing demand for stablecoins in Colombia. Stablecoins currently account for 31% of cryptocurrency trading in the country, with a monthly trading volume of approximately $200 million, ranking 32nd globally and 4th in Latin America.
Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, commented: Chainlink is pleased to provide peer-to-peer transparency into Wenia’s Colombian peso stablecoin reserve to help protect users from infinite minting attacks.
Bancolombia is Colombia's largest bank, with nearly $9 billion in assets and nearly 16 million customers, according to Statista. Through its cryptocurrency-focused company Wenia, users can now buy, sell and convert COPW to Bitcoin, Ethereum, MATIC and USDC directly within the Wenia app.
In addition, the company plans to expand functionality in collaboration with Chainlink, including price feedback for market data and CCIP for cross-chain interoperability.
