A blockchain startup aimed to offer cross-blockchain payments has announced it is planning to bring its existing stablecoin 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 after the U.S. dollar-pegged token first launched on the ethereum mainnet in June.
The project said that the goal is not to switch the token’s fundamental network from ethereum to EOS but to issue the stablecoin in both networks separately – a mission it claims to “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:
“For this reason, it’s important that projects providing blockchain infrastructure plan to provide cross-chain compatibility, so their success isn’t bound to the success of whatever chain they’ve chosen.”
A stablecoin is typically designed to adjust its supply as the market shifts in order to maintain a price pegged to a fiat currency so that its stability would make it easier for businesses 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.
Havven’s effort comes after EOS officially announced the long-awaited network launch in June. Block.One, the maker behind the EOS blockchain also revealed a $1 billion investment fund to facilitate the growth of its ecosystem.
The goal of launching cross-blockchain stablecoins also follows previous news that IBM is working with a startup called Stronghold to launch a stablecoin on the stellar blockchain.