IOST–an enterprise-grade, Proof-of-Believability blockchain is in the final stages of integrating the HUSD, a stablecoin whose attestation is audited every month, a press release on Jan 11, 2021 reads.
HUSD Stablecoin to Boost DeFi in IOST
The move syncs with the network’s plans to further bolster decentralized finance activity, a development that was ramped up in the second half of 2020.
Following a successful H1 2020 and the increasing traction of decentralized finance, especially in Ethereum, the IOST Foundation changed its roadmap to prioritize and create a vibrant DeFi ecosystem in the low fee and high throughput platform.
Stablecoin is Vital in DeFi
As observed in other ecosystems, stablecoins play a critical role, facilitating different forms of DeFi. For instance, the total cumulative value processed by stablecoins in 2020 surged above $1 trillion.
The majority was in Ethereum, where leading stablecoins like USDT, USDC, and DAI dominated. DAI is an algorithmically controlled stablecoins that tracks the USD and minted by a DeFi dApp, MakerDAO.
Therefore, the integration of the HUSD will unlock the plethora of yet to be explored opportunities that DeFi dApps in IOST avails, a development in sync with the platform’s bottom line of making IOST the home of DeFi.
Notably, IOST is among the first blockchains to offer support for HUSD.
In his own words, he said:
“Stablecoin is a key to unlock a plethora of opportunities in DeFi- IOST’s area of focus & growth in 2020 and the upcoming 2021. Its innovative & developer-friendly technology, which enables high scalability, fast transaction speed, and zero transaction fees, makes it a perfect choice for both DeFi developers and users. We are thrilled to explore the unlimited opportunities that arisen from this collaboration with stable universal and more partners to continue making IOST a home for DeFi.”
Push for Cross-Chain DeFi
In Q4 2020, there were concerted efforts by players to explore and expand on cross-chain DeFi capabilities. Towards this end, IOST struck partnership deals with other projects bearing the same objectives.
During this time, DeFi joined forces with Gravity besides supporting several projects like Watermelon to launch.
Because of HUSD integration, Frank Zhang–the CEO of Stable Universal, the official issuer of the HUSD stablecoin, said network users would have better accessibility, a net positive for the platform that’s keen on expanding their DeFi activities.