Enjin Blockchain has added testnet support for Stablecoins USDC and USDT, enabling it to be used within the NFT and gaming ecosystem via HyperBridge.
Stablecoins are heading towards the blockchain with USD Coin (USDC) and Tether (USDT) living in Hyperbridge’s testnet, with teams moving to unlock cross-chain utility.
For the upgrade, I am using Enjin’s Multitoken Pallet. This will support the creation and transfer of many types of tokens, including Stablecoins, the team said in a blog announcement Thursday. The Palette is part of Enjin’s board-based blockchain architecture and features features such as on-chain marketplace, NFT mint, and SDK/API access.
With TestNet setup, when users lock USDC or USDT on Ethereum or BNB chain, HyperBridge will step in to see the action and help Mint a multi-token version called multi-token on the Enjin blockchain.
The team added that locking the original token in a Hyperbridge vault occurs in a “decentralized user-friendly way” with the process not including Enjin apps or platforms and is fully managed by Hyperbridge smart contracts and relayers.
The team said they pointed out that when Multitokens works just like other tokens within the Enjin ecosystem, many games and platforms on MatrixChain already support similar features as NFTS.
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They added that the system is designed to maintain a 1:1 link between the original Stablecoin and its Enjin multi-token version. According to the team, both the Rock Step and Mint Step are public and can be audited. To regain the original token, users can burn multi-tokens with Enjin. This triggers a reverse process that unlocks the original asset.
The new TestNet support is based on Enjin’s broader push to expand its adoption of its own blockchain, launched in September 2023 as a custom network built on the Polkadot substrate framework.
In December 2023, the team completed a major transition, moving 200 million NFTs to the mainnet to promote network use. This campaign allowed users to claim assets on the Enjin blockchain using the updated Enjin wallet.
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