Nervos Announces Support For Dollar-Pegged HUSD As The Blockchain’s First Stablecoin
Today we are thrilled to announce that the leading public blockchain Nervos is planning to support HUSD. HUSD will be the first fiat-backed stablecoin available on the Nervos blockchain, marking a major milestone as Nervos continues to build out its DeFi infrastructure for current and future developers. Nervos is also the first blockchain to support HUSD other than Ethereum.
Issued by fintech company Stable Universal, HUSD is a safe and secure stablecoin pegged 1:1 to the U.S. dollar. Combining the stability of the U.S. dollar with the efficiency of blockchain technology, HUSD will provide Nervos users with access to a safe, secure and convenient asset for remittance, commerce, payments, trading, and many other use cases.
Frank Zhang, CEO of Stable Universal, said: “Being supported on multiple blockchains is in alignment with HUSD’s vision of providing our users with access to the larger blockchain ecosystem and decentralized finance in its entirety, and we are excited that Nervos Foundation has chosen to support HUSD as the first stablecoin on its public blockchain. We are enthusiastic that this integration bids well for more future projects as we tackle more innovative ways to introduce users to the DeFi ecosystem.”
HUSD will be supported on Nervos’ permissionless layer 1 blockchain, the Nervos Common Knowledge Base (CKB), which utilizes a Proof of Work consensus algorithm to secure user assets. HUSD stablecoins supported on Nervos will be based on the SUDT technical standard, a native token standard recently released by Nervos to compete with Ethereum’s ERC-20. Once live on Nervos, users will be able to simply deposit USD in their account and receive HUSD at a 1:1 ratio sent to their preferred crypto wallet. The integration is expected to be completed in Q1 2021.
As the first stablecoin supported by Nervos CKB, HUSD will serve a variety of roles in DeFi use cases, including usage as a payment token, a store of value, and a bridge between fiat currencies and cryptocurrencies. HUSD will also provide a tool for Nervos users to minimize price volatility often associated with cryptocurrency trading, making it easier for individual users and institutional partners to build and transact on Nervos, as well as participate in new liquidity pools for future decentralized exchanges on Nervos.
“Stablecoins have been a priority for Nervos as we build out our ecosystem to support a wide variety of DeFi projects,” said Kevin Wang, co-founder at Nervos. “HUSD has gained remarkable traction in establishing its place as one of the top stablecoins in the market in such a short time, so we’re excited to see what results from this continued collaboration.”
Since its launch in July 2019, a growing number of applications in cryptocurrency trading, digital payments and DeFi have announced support for HUSD, including Curve, Uniswap, Tokenlon, dForce swap, and Huobi Global (Nervos’ ecosystem partner). Recently, HUSD surpassed two billion in cumulative issuance only 13 months following its launch. HUSD is currently supported by more than 20 exchanges and swap platforms, with its most significant growth seen in DeFi markets.
Support for HUSD comes as Nervos bolsters its infrastructure for the emerging DeFi industry. In October, Nervos announced the launch of a cross-chain pegged stablecoin bridge between Ethereum and CKB via Bitpie that would bring stablecoins to the network. In addition to HUSD, Nervos is currently exploring direct integrations with several other top stablecoins.
The Nervos Network is a collection of protocols and public blockchain ecosystem aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.
The Nervos Common Knowledge Base (CKB) is the layer 1, proof of work, public permissionless blockchain protocol of the Nervos Network. It allows any crypto-asset to be stored with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. Its unique crypto-economic model is designed to better align the interests of users, developers, and miners as compared to first-generation blockchains.
For more information on Nervos, visit www.nervos.org.
HUSD is issued by Stable Universal and pegged 1:1 to the U.S. Dollar. Each HUSD issued is backed by a corresponding U.S. dollar held in a U.S. trust company. An independent U.S audit firm conducts monthly attestations of the HUSD Token, and the attestation report is available for public viewing on stcoins.com. Stable Universal is dedicated to making HUSD stable, secure, and safe for our customers.
For more information, visit www.stcoins.com