Introducing CUSD: A Fresh Update Empowering The Cross-Chain Economy
CUSD Overview
CUSD, considered as the new version of Coin98 Dollar, is a fully-backed stablecoin pegged to the US Dollar. This newly upgraded version is now under the governance of Stably, making it the pioneer stablecoin on the Viction network. By adopting the VRC25 protocol, CUSD ensures gas-less transactions and enables a seamless user journey. Additionally, CUSD continues to uphold the value of the previous version by addressing the problem of fragmented liquidity and strengthening the cross-chain ecosystem.
Key factors to be noted about CUSD:
- Type: Fiat-backed stablecoin
- Collateral Ratio: 1-to-1
- Available Regions: Global (ex-US)
- Issuer (Administrator): Stably
- Sponsor: Ninety Eight
- Smart Contract Auditor: Verichains
- Stablecoin Attestor: The Network Firm
- Blockchain Network: Viction (and still expanding)
What Makes CUSD Stand Out?
Upholding our commitment to transparency and regulatory-compliance, CUSD is issued through Stably's battle-tested stablecoin infrastructure under FinCEN’s convertible virtual currency guidance, with a reserve of US dollars matching the number of circulating tokens 1:1.
Fully Collateralized & Transparent
The collateral of CUSD is held in bank deposits, money market instruments, and USDC by a designated trustee for the benefit of verified CUSD token holders. Additionally, periodic attestations are performed by an independent attestor to verify that every CUSD token in circulation is always backed with collateral.
1:1 Redeemability of CUSD to USD & USDC
CUSD's redeemability is set at a 1:1 ratio (minus fees), enabling users to convert their CUSD tokens into US dollars or USDC seamlessly. This feature ensures a stable value and provides users with the convenience of easily transitioning between digital assets and fiat currencies.
Near-Zero Transfer Cost
Another advantage of using CUSD is the near-zero cost of on-chain transfer thanks to the VRC25 token standard of the Viction network. Compared to traditional banking systems, transactions between digital wallets can be settled within seconds with minimal costs. This makes CUSD a convenient and cost-effective option for individuals looking for efficient payment solutions.
Cross-Chain Interactions & Worldwide Access
Since CUSD's initial launch on Viction, we have set our sights on expanding to additional chains in the future, offering users an array of boundless interactions. With CUSD, individuals from anywhere can effortlessly onboard with fiat and stablecoins, simplifying their entry into the cross-chain ecosystem. Additionally, CUSD serves as a facilitator for cross-border remittances, providing a wide range of payment options for individuals to acquire CUSD. This enables anyone with an internet connection and a digital wallet to easily embark on the DeFi journey.
CUSD & Its Role in the Viction Ecosystem
CUSD plays a vital role as the backbone of the Viction ecosystem, supporting existing projects and laying the foundation for future innovations. As a stablecoin pegged to the US Dollar, CUSD makes it effortless for users to convert their fiat currency into cryptocurrency, providing a gateway to the vast opportunities offered by the Viction network. Whether participating in decentralized finance (DeFi) protocols, engaging in NFT marketplaces, or exploring other exciting projects, CUSD ensures seamless integration and accessibility for users. As Viction continues to expand, CUSD serves as a trusted tool, empowering users with stability, liquidity, and endless possibilities within the exciting realms of DeFi.
Future of Seamless Cross-Chain & Borderless Transactions
CUSD is at the forefront of revolutionizing cross-chain transactions, making it easier than ever to navigate the complexities of cross-border payments. By looking forward to becoming the universal bloodline, CUSD aims to enable swift and efficient transactions across various networks. As the market demand for stablecoins continues to rise, CUSD is poised to capture more value, benefiting both users and investors alike.
Don't forget, for a limited time, you have the opportunity to redeem your Coin98 Dollar for free until January 15, 2024, and start minting CUSD to experience the future of stablecoins!
To stay up-to-date with the latest developments and next steps, we recommend following us on Twitter and visiting our Website.
About Ninety Eight
Ninety Eight is an ecosystem of innovative companies with a shared mission to make Web3 accessible to everyone. The company is committed to nurturing, enabling, and empowering human potential through its wide range of products and services. With a focus on collaboration and innovation, Ninety Eight is at the forefront of the Web3 revolution.
About Stably
Stably is a venture-backed FinTech based in Seattle, Washington, providing regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions. Stably aims to offer users in 170+ countries/regions a seamless experience in buying, selling, or swapping digital assets across multiple blockchain networks using stablecoins and fiat payments.
About CUSD
CUSD, firstly built on Viction (formerly TomoChain), is a fully- backed US Dollar stablecoin created by Stably in partnership with Ninety Eight. The collateral of CUSD is held in bank deposits, money market instruments, and USDC by a designated trustee for the benefit of verified CUSD token holders. Additionally, periodic attestations are performed by an independent attestor to verify that every CUSD token in circulation is always backed with collateral.
With CUSD, anyone in the world can easily on-ramp from fiat and stablecoins on other networks to Viction, settle payments or cross-border remittances near-instantly, and interact with Web3 apps within the Viction ecosystem.
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