Enjin Blockchain enables cross-chain stablecoin transfers with Hyperbridge

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Stablecoins on Enjin: The Newest Fashion Statement in the Blockchain Ball! 💃💰

Ah, the Enjin Blockchain, that illustrious realm where dreams of digital currency frolic like dapper gentlemen at a soirée! It has recently bestowed upon us the delightful news of testnet support for the illustrious stablecoins, USDC and USDT, allowing them to waltz gracefully within its NFT and gaming ecosystem via the enchanting Hyperbridge. 🎩✨

Indeed, stablecoins are making their grand entrance into the Enjin Blockchain, with USD Coin (USDC) and Tether (USDT) now strutting their stuff on Hyperbridge’s testnet. The team, in their infinite wisdom, proclaims this move will unlock cross-chain utility, as if they were opening the gates to a veritable treasure trove of digital delights! 🏰💎

This splendid upgrade employs Enjin’s MultiToken Pallet, a veritable cornucopia of token creation and transfer, including our beloved stablecoins. The team, in a Thursday blog announcement that surely had them sipping tea with glee, revealed that this pallet is part of Enjin’s Substrate-based blockchain architecture, underpinning features such as the on-chain marketplace, NFT minting, and SDK/API access. Quite the multitasking marvel, wouldn’t you agree? 🛠️📈

Now, let us not forget the testnet setup, which allows users to lock their USDC or USDT on Ethereum or BNB Chain. Fear not, for Hyperbridge steps in like a gallant knight to confirm the action and mint a matching stablecoin version—aptly named a multitoken—on Enjin Blockchain. A true fairy tale of finance! 🏇💫

The team assures us that locking the original token in a Hyperbridge vault occurs in a “decentralized, user-directed manner.” How very democratic! They add, with a wink, that this process does not involve Enjin’s apps or platforms and is entirely managed by Hyperbridge smart contracts and relayers. Because who needs human intervention when you have smart contracts, right? 🤖💼

Once minted, these multitokens frolic about just like any other token within the Enjin ecosystem. The team notes that many games and platforms on Enjin Matrixchain already support NFTs and similar features. It’s a veritable playground for digital assets! 🎮🌟

Moreover, the system is designed to maintain a 1:1 link between the original stablecoin and its multitoken version on Enjin. According to the team, both the locking and minting steps are publicly verifiable and can be audited. To reclaim the original token, users can simply burn their multitokens on Enjin, triggering a reverse process to unlock the original asset. A rather dramatic twist, wouldn’t you say? 🔥🔑

This new testnet support builds upon Enjin’s grand ambition to grow the adoption of its own blockchain, which made its debut in September 2023 as a custom network built on Polkadot’s Substrate framework. A bold move, indeed!

In December 2023, the team completed a major migration, moving 200 million NFTs to its mainnet to encourage usage of its network. The campaign allowed users to claim their assets on the Enjin Blockchain using an updated Enjin Wallet. A true renaissance of digital ownership! 🖼️💼

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2025-05-23 11:16