Decentralized finance (DeFi) platform Coin98 has launched its own dollar-pegged, decentralized stablecoin, the Coin98 dollar also called CUSD.
The stablecoin is Coin98’s way to move value across different chains, it said in a statement.
Stablecoins are types of cryptocurrencies that maintain their price stable to another asset, usually pegged to the U.S. dollar.
Stablecoins have seen tremendous growth in the last few years and they now making up $152 billion of the $1 trillion crypto asset class.
CUSD has started trading on three blockchains, namely Ethereum, BNB Smart Chain and Solana.
CUSD is fully collateralized; its valued is supported 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.