Wirex, a payments platform that incorporates crypto transactions, has announced the listing of a new stablecoin NXUSD by Nereus. The stablecoin is said to be “fully collateralized” or “over-collateralized.”
NXUSD is an ERC-20 token utilizing the Avalanche blockchain. Collateral for the digital asset is in the form of tokens WBTC, WETH, AVAX, DAI to mint NXUSD and maintain its price.
Wirex invested 5 billion of their native token, WXT, said to be worth $55 million USD, in 2021. Since then, Nereus has experienced 573% TVL growth since the beginning of March.
Pavel Matveev, CEO and co-founder of Wirex, commented:
“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.”
Stablecoins have emerged as a hot button topic following the epic collapse of TerraUSD (UST). The algorithmic stablecoin has heightened regulatory scrutiny on the entire stablecoin sector of digital assets. Some observers expect stablecoins to be regulated like banks in the US which may compel other jurisdictions to follow suit.
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. Wirex states that it plans to list many other tokens and blockchains in the coming months.