Enjin Gains USDT & USDC Via Hyperbridge

Enjin's (ENJ) Blockchain will soon support stablecoins, including USDC and USDT, through its MultiToken Pallet and Hyperbridge cross-chain protocol. The integration is already tested on Hyperbridge’s dev net, opening a path for stable, onchain currencies within Enjin.

MultiToken Pallet is a key Enjin network component, allowing the creation, management, and transfer of various token types, from NFTs to fungible tokens. It underpins many features - like Enjin’s on-chain marketplace, guaranteed royalties, and infusion of ENJ into NFTs.

And Hyperbridge is the secret sauce enabling cross-chain stablecoins.

For example: By locking, say, USDC on Ethereum in a vault, Hyperbridge uses permissionless relayers to generate cryptographic proofs of that lock event. Those proofs get verified by the Hyperbridge Nexus, which instructs Enjin’s chain to mint a corresponding stablecoin MultiToken.

That user now effectively owns USDC on Enjin. Burn that stablecoin token on Enjin, and the user can unlock the original USDC back on Ethereum.

Because it’s trustless, there’s no single gatekeeper or bridging authority. The user’s stablecoin is minted 1:1, ensuring no double-spend or inflated supply. In theory, the same process works for other blockchains or token types. .

Eventually, stablecoins might power in-game economies or NFT marketplaces on Enjin.

Devs can build out experiences with guaranteed price stability. This makes for better user adoption, as many new users (and, let's face, even those of us who have been in the space for years) prefer transacting in stablecoins. 

Keep an eye on testnet news for stablecoin rollout timing.

See Also: PIVX’s Plan to Mainstream Privacy Coins

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