Chinese crypto and blockchain community is striving hard to emerge as leading players in the cryptocurrency industry.
Aiming to compete with the most popular decentralized finance blockchain, Ethereum. Nervos has successfully brought HUSD stablecoin on its blockchain.
HUSD now on the Nervos Blockchain
HUSD is the stablecoin supported by the Huobi network, one of China’s largest cryptocurrency exchanges. Nervos successfully became the first blockchain apart from Ethereum to host the HUSD blockchain.
Nervos would allow the users to deposit USD in their accounts to buy the HUSD at the ratio of 1:1 transferred to the crypto wallet of their choice. Nervos blockchain is supported by several Chinese companies like Polychain Capital, China Merchants Bank, and Sequoia China and is one of the leading Chinese public blockchains.
HUSD is a stablecoin pegged at 1:1 in the USD, bringing the US dollar’s stability and efficiency of blockchain technology to the . With Nervos blockchain supporting HUSD, its users would be able to access the safe asset for doing their financial transactions and trading with ease.
HUSD is Ethereum based on ERC-20 token having dollars in reserve. HUSD would now be launched on the Nervos blockchain as per the set standard CKB.
SUDT is called the Simple User-Defined Token, which is the native token of the Nervos Network. SUDT enables the various developers on the Nervos network to launch their own tokenized assets on the permissions layer one blockchain of the Nervos Network CKB. It enables the use of any token on the Nervos platform. With SUDT, Nervos diligently advances from the Sigle asset platform to the multi-asset platforms and allows users to create their own tokens on the Nervos platform using the SUDT based wallet.
Frank Zhang, the CEO of the Stable Universe, said that HUSD envisions to be supported on multiple blockchains to offer high blockchain and DeFi access to its users. The company is excited that Nervos has selected HUSD as the stablecoin on its blockchain. He added
“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.”
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