Decentralized Finance Protocol Coin98 Unveils Native Stablecoin CUSD

The move comes as DeFi platforms such as Curve and Aave race to craft their own stablecoins to attract users and boost growth.

AccessTimeIconSep 20, 2022 at 10:53 p.m. UTC
Updated Sep 21, 2022 at 2:16 p.m. UTC

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Decentralized finance (DeFi) platform Coin98 has rolled out its own dollar-pegged, decentralized stablecoin aiming to become a way to move value across different chains, Coin98 said Monday.

  • The move comes as the race among DeFi protocols to craft their own native stablecoins is heating up in an attempt to attract users and boost liquidity on the platforms. DeFi heavyweights Curve and Aave are reportedly working on their own stablecoin projects.
  • Stablecoins are a subset of cryptocurrencies that maintain their price stable to another asset, usually pegged to the U.S. dollar. They serve as an important bridge between government-issued (fiat) currencies and crypto assets, and have seen tremendous growth in the last few years, now making up $152 billion of the $1 trillion crypto asset class.
  • Coin98 dollar, also called CUSD, started trading Monday on three blockchains, namely Ethereum, BNB Smart Chain and Solana. “In the long run, CUSD will gradually expand into other DeFi ecosystems in the multi-chain world,” according to a Coin98 post.
  • CUSD is a fully collateralized stablecoin that supports its value through Circle USDC and Binance USD held in a Coin98 reserve. Users can mint and redeem CUSD at a 1:1 ratio by depositing USDC or BUSD. At the initial phase, the CUSD’s supply will be capped at $50 million.
  • The stablecoin’s smart contract code has been audited by security firms Inspex, PeckShield and SlowMist, according to a blog post.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

CoinDesk - Unknown

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.