Enjin Blockchain enables cross-chain stablecoin transfers with Hyperbridge

Enjin Blockchain has added testnet support for stablecoins USDC and USDT, enabling their use within its NFT and gaming ecosystem via Hyperbridge.

Stablecoins are heading to Enjin Blockchain, with USD Coin (USDC) and Tether (USDT) now live on Hyperbridge’s testnet in a move the team says will unlock cross-chain utility.

The upgrade uses Enjin’s MultiToken Pallet, which supports the creation and transfer of many types of tokens, including stablecoins, the team said in a Thursday blog announcement. The pallet is part of Enjin’s Substrate-based blockchain architecture and underpins features such as the on-chain marketplace, NFT minting, and SDK/API access.

The testnet setup lets users lock their USDC or USDT on Ethereum or BNB Chain, then Hyperbridge steps in to confirm the action and helps mint a matching stablecoin version — called a multitoken — on Enjin Blockchain.

The team said that locking the original token in a Hyperbridge vault happens in a “decentralized, user directed manner,” adding that the process doesn’t involve Enjin’s apps or platforms and is fully managed by Hyperbridge smart contracts and relayers.

The team said that once minted, the multitokens work just like any other token within the Enjin ecosystem, and noted that many games and platforms on Enjin Matrixchain already support NFTs and similar features.

They added that 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 get the original token back, users can burn their multitokens on Enjin, which triggers a reverse process to unlock the original asset.

The new testnet support builds on Enjin’s broader push to grow adoption of its own blockchain, which launched in September 2023 as a custom network built on Polkadot’s Substrate framework.

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.