Enjin Blockchain Adds Testnet Support for USDC and USDT Stablecoins via Hyperbridge
Enjin Blockchain has recently announced the addition of testnet support for stablecoins USDC and USDT, allowing for their integration within its NFT and gaming ecosystem through Hyperbridge.
Unlocking Cross-Chain Utility
The introduction of USD Coin (USDC) and Tether (USDT) on Hyperbridge’s testnet marks a significant milestone for stablecoins on Enjin Blockchain. This move is expected to unlock cross-chain utility and enhance the overall functionality of the platform.
Enjin’s MultiToken Pallet
The upgrade leverages Enjin’s MultiToken Pallet, a feature that facilitates the creation and transfer of various types of tokens, including stablecoins. This pallet is an integral part of Enjin’s Substrate-based blockchain architecture and powers essential features like the on-chain marketplace, NFT minting, and SDK/API access.
Users can now lock their USDC or USDT on Ethereum or BNB Chain, after which Hyperbridge assists in confirming the action and minting a corresponding stablecoin version, known as a multitoken, on Enjin Blockchain.
Decentralized Process
The process of locking the original token in a Hyperbridge vault is decentralized and user-directed, as it does not involve Enjin’s apps or platforms. The entire operation is managed by Hyperbridge smart contracts and relayers, ensuring transparency and security.
Seamless Integration
Once minted, the multitokens function like any other token within the Enjin ecosystem. Various games and platforms on Enjin Matrixchain already support NFTs and similar features, making the integration of stablecoins seamless and beneficial for users.
The system maintains a 1:1 link between the original stablecoin and its multitoken counterpart on Enjin Blockchain. Both the locking and minting processes are publicly verifiable and auditable, providing users with confidence in the system.
Continued Expansion
This testnet support is part of Enjin’s broader strategy to drive adoption of its blockchain network, which launched in September 2023 on Polkadot’s Substrate framework. A recent migration of 200 million NFTs to the mainnet further encouraged usage of the network, with users able to claim their assets using the updated Enjin Wallet.
With stablecoin integration and ongoing enhancements, Enjin Blockchain is poised to continue its growth and solidify its position in the NFT and gaming space.