Havven to launch stablecoin nUSD on EOS blockchain

Havven, a blockchain startup headquartered in Sydney, has announced its plans to launch its stablecoin, nUSD, on the EOSIO blockchain.

nUSD was launched in June 2018 and has been live on Ethereum. The company said the goal was to launch the “first decentralized and scalable stablecoin.”

Founded in 2017, Havven is an open-source blockchain project that aims to enable payments across decentralized platforms. It said that stablecoins are important for enabling transactions across projects and provide protection from price volatility.

Havven founder Kain Warwick emphasized that projects should remain blockchain agnostic, particularly as the technology is still in the nascent stage.

“At this stage cryptocurrency is still in its infancy, so it’s not clear which blockchains will manage to scale. 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,” Warwick said.

“Supporting multiple blockchains will ensure that critical infrastructure projects are available to developers no matter which platform they choose. Havven is committed to helping to avoid fragmentation within the decentralized ecosystem.”

Havven uses a “dual-token model” to provide stability. nUSD is backed by HAV, a collateralized token. HAV holders, who provide stability, receive fees generated by nUSD transactions. As part of its EOSIO launch, Havven will airdrop 50 percent of the new HAV tokens on EOSIO to existing HAV holders on Ethereum.

The EOSIO blockchain went live in June 2018, following its year-long crowdsale in which it raised $4 billion. Block.One, the software publisher behind EOSIO, has announced that it will spend $1 billion investing in funds focused on the growth of the EOSIO ecosystem.