Blockchain Startup Havven to Launch Stablecoin on EOS This Year

The EOS blockchain may soon see what appears to be the first stablecoin on its platform if a startup's plan comes to fruition.

AccessTimeIconAug 8, 2018 at 6:00 a.m. UTC
Updated Aug 16, 2021 at 12:06 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A blockchain startup that sets out to offer cross-blockchain payments has announced it is planning to bring its existing stablecoin – a cryptocurrency tied to a stable asset – 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. The U.S. dollar-pegged token first launched on the ethereum network in June.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The goal, the startup said, is not to switch the token's fundamental network from ethereum to EOS, but to issue nUSD on both networks separately – a mission it claims will "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 an asset such as a fiat currency, providing a lack of volatility makes it easier for businesses or users 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 its long-awaited network launch in June. Block.One, the entity behind the EOS blockchain has also revealed a $1 billion investment fund to facilitate the growth of its ecosystem.

    IBM is also working with a startup called Stronghold to launch a stablecoin on the stellar blockchain.

    Balanced stones image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.