Crypto Lending Platform Nexo Adds Support For Stablecoin HUSD
Nexo, a regulated financial institution for digital assets, has integrated HUSD, a stablecoin issued by Stable Universal Limited, on its platform.
Nexo offers tax-efficient ‘Instant Crypto Credit Lines, high-yield ‘Earn Interest’ products and ‘Send & Pay’ capabilities for clients to maximize the value of cryptocurrencies, while ensuring $100 million custodial insurance and military-grade security of the Nexo Wallet. Nexo claims to have processed more than $3 billion in 40+ fiat currencies for 800,000+ users across more than 200 jurisdictions.
Launched in 2019 and built on the mature Ethereum network, HUSD is a stablecoin backed by US dollars in a 1:1 ratio held in a US trust company. The stablecoin is supported by a number of applications in cryptocurrency trading, digital payments and the Decentralized Finance (DeFi) industry.
Antoni Trenchev, Co-founder and Managing Partner of Nexo, said that the HUSD integration on Nexo solidifies their partnership with Huobi and Stable Universal as they offer incontestable benefits to both their communities.
“For the very first time, HUSD holders can earn interest on and use HUSD as a collateral and a repayment option for their fiat loans,” Trenchev said. “This is a great opportunity to gain exposure to the growing Huobi & HUSD ecosystem and further tap into the experienced Asian cryptocurrency market.”
The stablecoin market has shown massive amounts of growth this year with on chain activity for stablecoins increasing over 800% since 2019. More recently, the growth in the supply of stablecoins has been attributed to the explosion in DeFi’s yield farming popularity, where liquidity providers are rewarded for staking stablecoins and other digital assets.
“The fast-moving demand for USD-backed stablecoins is reflected by HUSD being made available on key industry platforms like Nexo,” said Frank Zhang, CEO of Stable Universal. “We have high hopes for the great things to come both for this integration and for the stablecoin community at large.”
The integration comes on the heels of the listing of NEXO/USDT as a currency pair on Huobi Global, which provides NEXO Token holders the option to trade against the biggest stablecoin by market capitalization. This trading option opens a quick and convenient on-ramp from stablecoins to NEXO Tokens, making it easier for users to get NEXO and to qualify for NEXO Staking Bonuses.
Source: Read Full Article