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.

Summary

• 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.

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.

This acquisition follows StableX’s investment in FLUID. StableX did not disclose how many Chainlink tokens it bought in its press release.