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IOS Foundation recently published a Medium post in which it announced that the IOST blockchain plans to support stablecoin HUSD. To celebrate the stablecoin’s launch, IOST and HUSD teams will distribute 35,000 HUSD tokens to IOST holders.
Users will be able to use HUSD in a variety of ways
HUSD is a USD-pegged stablecoin created by the technology firm Stable Universal. Like most stablecoins, it is pegged 1:1 to the USD, and it combines the dollar’s stability with the efficiency of blockchain technology, as the announcement pointed out.
By adding HUSD to IOST, IOST users will have access to a secure and convenient asset, which they will be able to use for a variety of use cases. Some of these use cases include trading, payments, remittance, DeFi, commerce, and more.
The Foundation noted that IOST will be the first batch of public blockchains to add support for the stablecoin, as well as the second project outside of Ethereum (ETH) itself to deploy the stablecoin.
HUSD’s presence to improve the IOST DeFi sector
The deployment of the coin will be a major milestone for HUSD and IOST alike. At the moment, the coin’s integration on the new blockchain is in its last stage. After the process is complete, users will be able to register accounts in Stable Universal, deposit their USD, and receive HUSD on the IOST blockchain.
After that, the coin will have a major role in IOST’s DeFi sector, where it will be used as a payment token, a bridge between fiat and crypto, as well as the store of value. As a stablecoin, HUSD can help users preserve their wealth thanks to its immunity to price volatility.
Users will also be able to use it to take part in new liquidity pools for IOST’s future DEXes, as well as help build and transact on the blockchain.
Lastly, the addition of the stablecoin solves another major crypto issue on IOST. IOST originally emerged as a response to the scalability problem, with the ability to offer 8,000 transactions per second. Now, thanks to the dollar-pegged stablecoin, it will also remove volatility.
The post IOST blockchain announced support for HUSD stablecoin appeared first on Invezz.
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