Nervos To Integrate Huobi’s HUSD
Last updated on November 1st, 2022 at 01:20 am
Huobi and Nervos have been in partnership since July last year and both companies benefit from each other.
The partnership between both firms is still waxing strong, as Huobi’s HUSD stablecoin will henceforth run on the Nervos blockchain.
Nervos is doing everything possible to become a strong competitor against Ethereum in the Chinese market.
The company has been in the news lately, as it tries to improve the features and offerings of its blockchain technology. Now, Huobi’s issued HUSB will become the first dollar-pegged stablecoin on the blockchain.
HUSD has been supported by both Ethereum and Nervos, which are the only two blockchain platforms that support the stablecoin.
Huobi is one of the biggest and most popular exchanges for the Chinese market, along with OKEx and Binance. Presently, the stablecoin is an ERC-20 token based on the Ethereum blockchain platform.
Once the integration is finalized, the SUDT technical standard will offer HUSD on the Nervos blockchain. The SUDT technical standard is similar to the Ethereum ERC-20, as it serves as a native token standard.
HUSD Pegged to US Dollar
After HUSD successfully integrates into the Nervos blockchain platform, Nervos users can receive HUSD after depositing US dollars in their account. The stablecoin will be pegged to USD, which means holders will receive HUSD at the rate of 1:1 delivered to their preferred crypto wallets.
Nervos is supported by companies that have a huge reputation in the industry, including companies like China Merchants Bank International (CMBI), Polychain Capital as well as Sequoia China.
Nervos is also part of the six top blockchains listed on the Chinese Blockchain-Based Service Network (BSN), the Chinese state-approved blockchain infrastructure project.
According to the news release on the development, HUSD will serve a lot of purposes on the Nervos platform, especially in DeFi use cases. These roles include its usage as a store of value, a payment token and standing in the gap between cryptocurrencies and fiat currencies, according to the news release.
Stabecoins have played important roles in the ever-expanding DeFi space this year. Now, many DeFi users can exchange their stablecoins on a wide range of platforms in return for high yields.
HUSD Technical Expertise for Integration
Co-founder of Nervos Kevin Wang has commented on the development. He released a statement yesterday in regards to the integration of HUSD and the promises such integration holds towards a more feasible platform.
He also revealed that although there are plans in place to offer more stablecoin support in the future, the platform decided to start with HUSD partly because of Stablecoin Universal’s involvement in the development of its sUDT.
He further stated that the integration will be more efficient compared to other stablecoins at the moment. Another major reason for the choice of HUSD is the partnership both companies have had, deciding to integrate less demanding.
“It was critical for us to find a partner who has the technical expertise and flexibility to ensure a smooth rollout,” Wang reiterated.
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