Enjin (ENJ) Blockchain will soon support stablecoins, including USDC and USDT

Enjin's (ENJ) Blockchain will soon support stablecoins, including USDC and USDT, through its MultiToken Pallet and Hyperbridge cross-chain protocol.

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, paving the way for stable, onchain currencies within Enjin.

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

And Hyperbridge is the protocol that facilitates cross-chain stablecoins.

For instance, by locking USDC in a vault on Ethereum, Hyperbridge utilizes permissionless relayers to generate cryptographic proofs of the lock event. These proofs are then verified by the Hyperbridge Nexus, which subsequently instructs Enjin’s chain to mint a corresponding stablecoin MultiToken.

This process effectively grants the user the USDC on Enjin. Burning that stablecoin token on Enjin enables the user to unlock the original USDC on Ethereum.

Due to its trustless nature, there isn't a single gatekeeper or bridging authority. The user’s stablecoin is minted in a 1:1 ratio, preventing any possibility of double-spend or an inflated supply. In theory, the same procedure can be applied for other blockchains or token types.

Ultimately, stablecoins could serve as the backbone for in-game economies or NFT marketplaces on Enjin.

Devs can build experiences with guaranteed price stability. This leads to better user adoption, as many new users (and, let’s face it, even those of us with years in the space) 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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