A blockchain startup that sets out to offer cross-blockchain payments has announced it is planning to bring its existing stablecoin – a cryptocurrency tied to a stable asset – to the EOS network.
Called Havven, the Australia-based project said in a release on Wednesday that it is expecting to issue its nUSD stablecoin on EOS by the end of this year. The U.S. dollar-pegged token first launched on the ethereum network in June.
The goal, the startup said, is not to switch the token's fundamental network from ethereum to EOS, but to issue nUSD on both networks separately – a mission it claims will "offer cross-blockchain stablecoins."
"At this stage, cryptocurrency is still in its infancy, so it's not clear which blockchains will manage to scale," Havven's founder Kain Warwick said in the announcement, adding:
A stablecoin is typically designed to adjust its supply as the market shifts in order to maintain a price pegged to an asset such as a fiat currency, providing a lack of volatility makes it easier for businesses or users to adopt.
For instance, stablecoin startup MakerDAO is currently working with supply chain management firm Tradeshift to use its ethereum-based DAI token to help speed up payments for small businesses.
IBM is also working with a startup called Stronghold to launch a stablecoin on the stellar blockchain.
Balanced stones image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.