LONDON – Crypto provider, Wirex, has listed a new stablecoin, NXUSD, on their platform. The fully collateralised stablecoin, minted by nascent DeFi protocol, Nereus, has already proven hugely popular since release, and has been added to the Wirex app from today, with addition to their Wallet and X-Accounts products imminent.
Interest in stablecoins has grown significantly in recent years, where their stability ensures they will become a key component of the digital economy. NXUSD will become the 3rd Avalanche-native stablecoin to be listed on the platform, giving their more than 5 million customers the ability to buy, hold, exchange and pay with the token in-app.
NXUSD is an ERC-20 standard token on the Avalanche blockchain sitting at the forefront of innovation in the DeFi 2.0 era. Following recent market changes, Nereus has ensured that NXUSD is fully collateralized, which uses the tokens WBTC, WETH, AVAX, DAI as collateral to mint NXUSD and maintain its price.
The token has numerous benefits and use cases beyond that of most other stablecoins, including a best-in-class borrowing experience with 0% interest rate and maximum capital efficiency at 90% LTV in Nereus. NXUSD can also be spent at over 80 million locations worldwide on Wirex’s crypto-enabled debit card, as well as held in Wirex’s DeFi savings product, X-Accounts. This will allow customers to earn up to 20% AER interest on NXUSD, with no minimum holdings or monthly fees.
Having partnered with Nereus at the end of 2021, Wirex invested 5 billion of their native token, WXT, worth $55 million USD, into the protocol to be used as the rewards mechanism. Since then, Nereus has become one of the fastest growing DeFi platforms ever, seeing 573% TVL growth since the beginning of March, and entering the top 25 protocols on the Avalanche blockchain. Offering unprecedented rates for staking and locking, Wirex’s interconnected ecosystem will allow users to easily move tokens such as NXUSD between their app, non-custodial wallet and Nereus protocol. Wallet holders can enjoy a next-generation user experience, cross-chain compatibility with zero exchange fees, and unique security features including biometrics.
Pavel Matveev, CEO and Co-Founder of Wirex, explained: “We have for long believed in the future of the digital economy; stablecoins remove the volatility factor meaning that they will play an important part in this. Listing over-collateralized NXUSD across the Wirex platform is giving people more choice and flexibility to utilise crypto, and offers real utility where it can be used in the everyday. It’s great to strengthen our partnership with Nereus, who we believe are fully committed to creating products that are ready for the metaverse and DeFi 2.0.”
NXUSD is launching on the Wirex app alongside 8 other tokens on new blockchains, including FTM on Fantom, TRX on Tron and BNB on the BSC blockchain. The company plan to list many other tokens and blockchains in the coming months.
Source: Wirex
