Stablecoin (STABLE) saw a modest uptick in trading on May 23, with its price rising 2.23% over the past 24 hours to $0.051148, according to CoinGecko data.
Over the past seven days, the token has gained 3.03%, with 24-hour trading volume reaching $189.25.
The price movement coincides with significant developments on the Enjin Blockchain, which is actively preparing to support major stablecoins, including USD Coin (USDC) and Tether (USDT). These integrations are being tested via Hyperbridge, a decentralized interoperability protocol currently live on its testnet.
Stablecoins on Enjin!
Enjin Blockchain integrates transparent, decentralized USDC & USDT multitokens via @hyperbridge, unlocking deeper possibilities in Web3 gaming.
Dive in: https://t.co/bniYbJkVys pic.twitter.com/6CWVvj75l1
— Enjin (@enjin) May 21, 2025
At the center of Enjin’s stablecoin strategy is the MultiToken Pallet, a core module of the blockchain that supports the creation and management of a wide range of tokens—from 1:1 NFTs to mass-issued fungible tokens. This infrastructure forms the backbone of key Enjin services such as its on-chain marketplace, royalty mechanics, and the minting of Enjin Coin (ENJ) into NFTs.
Developers benefit from the MultiToken Pallet’s compatibility with matrixchains and its seamless API and SDK integration, allowing Enjin-based tools and features to be embedded directly into games, apps, and dApps.
Supporting this framework is Hyperbridge, a cross-chain interoperability system developed by Polytope Labs and backed by the Web3 Foundation and Scytale Digital. Hyperbridge allows stablecoins like USDC and USDT to be moved trustlessly between blockchains such as Ethereum and Binance Smart Chain into Enjin Blockchain via cryptographic proofs.
By operating as an “interoperability coprocessor,” Hyperbridge handles complex off-chain computation and verifies transactions on-chain, ensuring assets retain their 1:1 peg and are not duplicated. This functionality could be key to enabling broader adoption of stablecoins within Enjin’s gaming and digital asset ecosystem.
These advancements come at a time when stablecoins are rapidly moving beyond pilot phases. According to Fireblocks’ “State of Stablecoins 2025” report, stablecoin transactions on its platform now exceed $40 billion per quarter—driven by rising institutional activity and signalling a transition from experimentation to widespread adoption.
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