Wirex lists NXUSD stablecoin on platform

Wednesday 1 June 2022 13:04 CET | News

UK-based crypto provider, Wirex, has listed a new fully collateralised stablecoin, NXUSD, on their platform. The coin is minted by nascent DeFi protocol Nereus.

NXUSD is an ERC-20 standard token on the Avalanche blockchain. 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 0% interest rate and maximum capital efficiency at 90% LTV in Nereus. NXUSD can also be spent at 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 tokens, WXT, worth USD 55 million, into the protocol to be used as the rewards mechanism. Wirex’s interconnected ecosystem will allow users to move tokens such as NXUSD between their app, non-custodial wallet and Nereus protocol.

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Keywords: DeFi, cryptocurrency, cryptocurrency exchange, digital assets, crypto asset, blockchain
Categories: DeFi & Crypto & Web3
Companies: Wirex Wallet
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3

Wirex Wallet

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