Leveraging Stargate and LayerZero, the activation will allow native stablecoin liquidity to flow seamlessly across different DeFi ecosystems.
Blockchain shortcut provider Enso and stablecoin issuer Reservoir have teamed up with Stargate and LayerZero to launch OneStable, a protocol for cross-chain stablecoin minting.
OneStable enables “one-click omnichain minting,” according to a press release viewed by The Defiant, which empowers multi-chain DeFi users to bypass manual swaps or bridging, which can be tedious based on the networks and protocols being used.
The feature is an Enso shortcut and will debut with Reservoir and its rUSD stablecoin ecosystem, which offers two yield-bearing options, srUSD and wsrUSD. Through the integration, users can access cross-chain yield and liquidity from a single chain, potentially consolidating automated market maker (AMM) liquidity to a single chain, while simultaneously supporting multiple networks.
Reservoir’s stablecoin ecosystem clocks in at a $192 million market capitalization, with 37.5%, or $72 million of its valuation being held in rUSD, while the remaining 62.5% or $120 million, is denominated in srUSD, a staked version of rUSD.
Per the release, OneStable users can “tap into primary liquidity” from the Reservoir Peg Stability Module (PSM) from any chain with one click in order to streamline the cross-chain bridging model, potentially offering a solution to DeFi’s liquidity fragmentation issue.
“OneStable simplifies the entire stablecoin lifecycle. It gives protocols the ability to concentrate liquidity where it’s most efficient, while still enabling users to access DeFi opportunities across chains, without touching a bridge. This unlocks a new building block for stablecoin-native applications,” said Connor Howe, the CEO and co-founder of Enso.
“OneStable is a powerful showcase of how Stargate’s canonical messaging and liquidity rails can enable seamless global stablecoin distribution,” added Lamps, the foundation lead at Stargate.
Source: https://thedefiant.io/news/defi/enso-and-reservoir-launch-onestable-cross-chain-stablecoin-minting-protocol
