USDC Goes Live on HAQQ: Seamlessly Bridge from Ethereum and 50+ chains to HAQQ Ecosystem
We are excited to announce that it is now possible to bridge your USDC directly from Ethereum Mainnet and 50+ chains to HAQQ and vice versa via Axelar Satellite. We are committed to achieving our vision of balancing Shariah-compliant philosophy and cutting edge technology to create a fairer, more sustainable financial system that includes the growing decentralized finance (DeFi) ecosystem.
As our partner, Axelar delivers secure cross-chain communication for Web3. Their infrastructure enables dApp users to interact with any asset or application, on any chain, with one click. Axelar connects 50+ blockchains, spanning consensus methods including Cosmos & EVM.
Stablecoins like USDC are pivotal in DeFi ecosystems, providing a stable value amidst the volatile crypto market. With a significant market cap—over $24 billion—USDC anchors DeFi transactions, enabling consistent trade, lending, and borrowing practices. Its stability encourages wider adoption by mitigating the risks associated with high cryptocurrency fluctuations. HAQQ ecosystem users can now access and transfer USDC to and fro HAQQ and all other chains supported by Axelar’s cross-chain solution. The initiative is designed to potentially deepen liquidity and facilitate the development of Shariah-compliant DeFi use-cases.
We are actively exploring the possibility of Sharia-compliant gold-backed tokens. Sharia-compliant gold-backed tokens offer a use case that aligns with Islamic financial principles, providing a stable and ethical investment option. The integration with the Axelar network aims to improve the accessibility of these tokens, potentially enabling smoother cross-chain transactions and fostering broader adoption within the DeFi ecosystem. This initiative could create new opportunities for users seeking financial services that adhere to Sharia law, blending the traditional stability of gold with the innovative prospects of decentralized finance.
Steps on how to bridge your USDC from Ethereum to HAQQ via Axelar’s Satellite Money
Head over to satellite.money, a web interface built on Axelar, enabling the transfer of assets between EVM & Cosmos chains.
Choose ‘Ethereum’ as the origin chain and ‘HAQQ’ as the destination chain
Connect your Ethereum wallet (usually MetaMask), where the funds you wish to bridge are stored.
To receive USDC in the form of axlUSDC (Axelar-wrapped USDC that is pegged 1:1), download and connect your Keplr Wallet in the destination tab. As always, remember to keep your private keys safe.
With your Keplr Wallet and MetaMask connected, click the ‘Generate Deposit Address’ button at the bottom.
Sign off on the transaction with your Ethereum wallet. Your USDC is on the way!
Wait for approximately 20 minutes for the transaction to be confirmed. Your USDC has been bridged to HAQQ!
You can now start using your USDC stablecoins on HAQQ as we are actively collaborating with partners and builders in and outside of our ecosystem to foster an exciting phase of Shariah DeFi on HAQQ. Stay tuned for more on this. Happy Bridging!
We have set up a $40 million Ecosystem Fund to support early-stage projects building ethical projects. Apply here.