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Angle Protocol, a decentralized stablecoin platform, has teamed up with oracle provider RedStone to integrate real-world assets into DeFi.
This partnership shows why reliable oracles matter, as we'll see with RedStone's new price feed for Angle's tokenized Euro bond ETF stablecoin.
Angle Creates Stablecoins Backed by Real-World Stuff
Angle is a decentralized protocol made up of smart contracts that issues stablecoins pegged to real-world assets. It uses modules like the Transmuter and Borrowing module to maintain the peg and allow borrowing against crypto collateral. To do this properly, Angle needs solid oracles to give price feeds for its asset-backed stablecoins. After a governance vote, Angle chose RedStone to supply data for its new stablecoin backed by a tokenized Euro bond ETF - the bC3M.
RedStone Provides Daily Prices for Real-World ETF
Working with Angle, RedStone now delivers a daily price feed for the bC3M ETF directly on-chain. This opens up access to timely, accurate pricing of real-world assets for Angle and other DeFi apps. Anyone can verify the current ETF price from RedStone's oracle via the Ethereum contract. Reliable oracle feeds are crucial for bringing real-world assets into DeFi lending, trading, collateralization and more.
Teaming Up to Bridge TradFi and DeFi
As DeFi looks to integrate more traditional financial assets, partnerships like RedStone and Angle are key. RedStone's flexible, highly available oracle infrastructure combined with Angle's solid protocol lays the foundation to onboard new assets on-chain.
Looking ahead, this collaboration helps pave the way for wider adoption of real-world asset integration in DeFi. According to Angle's Head of Marketing Mariam Kouanda, "The ability to deliver an oracle for a tokenized asset expands possibilities for many protocols including Angle." The RedStone and Angle partnership signals an important shift, advancing the evolution of a more diverse DeFi ecosystem.
