It is no longer news that the much-awaited stable coin features have finally been integrated on the IOST Blockchain. Before now, one of those features that have been clamored for by a lot of IOST community members/developers is the need for a stable coin been integrated on IOST, this week IOST finally took the bold step to integrate Huobi’s stablecoin HUSD on its network.
Here is what the integration means to the IOST Blockchain
Interoperability: One of the huge benefit of stablecoin on a network is it makes interoperability between various chains easy and smooth. With HUSD integrated on IOST, developers can take advantage of the speed and flexibility of IOST and build project/dApps that can operate on multiple platforms to create a thriving ecosystem across the entire blockchain space.
Liquidity: One of the things that have reduced the effectiveness of IOST DEX platforms like IOSTDEX, otbTrade, Powermine is the lack of a proper stable coin. With the introduction of HUSD expect more liquidity and volume on various IOST DEXs as users will be confident in swapping/converting their coin into stablecoin if there is a sharp change in price.
Improvement of DeFi Projects: The importance of a stablecoin to DeFi project growth can not be overemphasized. We have seen the growth stablecoin has brought to the DeFi scene on various Blockchain. Also, stablecoin allows the development of cross-chain DeFi projects.
Lending and Microfinance project: Expect more Lending projects on IOST as stable coin affords the utilization of peer to peer lending on a Blockchain. With this, a borrower can call for funding through a lending DApp based on his risk profile and reputation and negotiate a rate of return on the borrowed funds.
All in all, I expect more projects and products in the coming days with the availability of a stablecoin now, as the integration of the HUSD will unlock the plethora of yet to be explored opportunities on IOST Blockchain. This is a big win for the IOST community and I expect this to reflect in the price and ranking of IOST as a Top 4 public chain.