On September 19, the DeFi platform Coin98 Super App announced its latest product, the stablecoin Coin98 Dollar (CUSD).
Coin98 Dollar (CUSD) is a decentralized stablecoin branded with Coin98 Super App, a DeFi super application in the field of cryptocurrencies. The project’s founding team is all Vietnamese and created a buzz in the industry when C98 tokens were opened for sale on Binance Launchpad in July 2021.
The launch announcement has revealed many new details about the use and operation of Coin98 Dollar. Accordingly, CUSD will be the stablecoin that acts as the default currency for Coin98’s cross-chain products and ecosystems, including Coin98 Wallet, Coin98 Exchange DEX, and many other products such as Saros on Solana and Baryon on BNB Chain.
According to Coin98, the new stablecoin will unify liquidity across different blockchains, solving the liquidity fragmentation that the crypto industry is facing with the emergence of many different layer-1 solutions.
CUSD will be issued on 3 blockchains namely Ethereum, Solana, and BNB Chain. Users can convert their stablecoin 1:1 in the form of BUSD or USDC to CUSD, then can freely move between different blockchains without worrying about blockchain differences. Users can optionally withdraw money in the form of BUSD or USDC at any time.
The total capitalization of Coin98 Dollar at the time of launch will increase gradually according to the needs of users to deposit and convert but is limited to 50 million CUSD.
CUSD will also bring many new uses to Coin98’s native coin. Coin98’s C98 token can be used as collateral in CUSD borrowing; provide liquidity to the C98/CUSD pool; part of the revenue from CUSD will be returned to the fund of C98.
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