xDollar Partners with Iotex to Power Web3 Currency and Cross-Chain, Interest-Free Loans

IoTeX has announced a series of partnerships, and its fast-growing ecosystem in 2021 has seen projects on its platform increase exponentially from a couple dozen to over 126. As part of this ongoing growth, xDollar has announced its partnership with IoTeX to power Web3 money and non-custodial, interest-free loans.

“We have been long-awaiting for this moment since September when we announced a strategic partnership with IoTeX,” said the xDollar team in a public statement. “Today, we are excited to announce that xDollar has landed on the IoTeX planet today!”

The partnership for xDollar means they have become the first stablecoin and interest-free lending platform on IoTeX. The xDollar (XIM) is, as the name is pegged 1:1 to the US dollar.

“The xDollar is another significant addition to our vast ecosystem. Its utility adds value for all users across our platform,” said Larry Pang, IoTeX head of ecosystem. “xDollar is a stablecoin and lending protocol. It allows users to deposit assets as collateral and mint stablecoins they can use across the IoTeX network. it expands the utility of existing assets and provides users the ability to craft custom positions and portfolios

The xDollar explains their vision is to become the first “interverse money (XIM),” stablecoin, and interest-free lending platform with the vast IoTeX ecosystem. The xDollar statement further explains that its objective is to power Web3 money and cross-chain lending.

“xDollar intends to become interverse money across the metaverse, Web3, DAO, and MachineFi,” its statement adds. “The protocol of xDollar on IoTeX’s mainnet was completed on December 21st with xPeg product —users can stake BUSD_b to borrow XIM.”

IoTeX is growing its ecosystem ahead of a major MachineFi boost in 2022 aimed at connecting people and machines and machines with machines to interact with each other and unleash the multi-trillion-dollar decentralized machine economy.

 “The xDollar team hopes this IoTeX launch announcement keeps everyone excited for what’s ahead for our project,” the statement says. The project adds that it’s transitioning into its V1 Protocol and liquidity incentive plan, which will be announced shortly.

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xDollar describes itself as not just a DeFi project; they provide cross-chain lending. “We are firm that this collaboration with IoTeX will allow xDollar to take its first little step for connecting large stablecoin liquidity with the untapped real-world assets in the physical world,” it concludes.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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