By
Tolu Ajiboye
November 28th, 2023
The company also revealed that CUSD will be deployed on many chains where they see demands, in a bid to meet their multi-chain focal point.
Coin98 Labs has announced that it is set to launch $CUSD, a fully-backed, decentralized stablecoin with the goal of becoming a cross-chain unit of account that meets the demand for cross-chain liquidity in DeFi.
Coin98 Labs, making the announcement via its official Twitter page, stated that, $CUSD, brings a lengthy, ambitious, long-term objective that will be met by building a solid foundation of use cases for CUSD within the Coin98 Ecosystem.
According to the Lab, the CUSDor the Coin98 Dollar is the next building block in its ecosystem and will debut as the default medium of exchange across all products that Coin98 Finance built.
In the long run, CUSD will gradually expand into other DeFi ecosystems in the multi-chain world.
The lab explained further that CUSD is designed to be the bloodline across all existing and future products within the company’s ecosystem in order to provide a seamless unified cross-chain liquidity flow among various products.
This will enable the unveiling of a real seamless cross-chain experience that will be an unrivaled and exclusive experience that Web3 users may not find from any other single interface.
The lab added that, after the CUSD economy has advanced to a certain point and attained strategic advantages, external integrations and collaborations can be set up to broaden adoption even more.
On the basis of it, CUSD gradually expands into various DeFi ecosystems in the multi-chain world.
The company also revealed that CUSD will be deployed on many chains where they see demands, in a bid to meet their multi-chain focal point.
CUSD will initially be deployed on the ethereum, BNBCHAIN, and Solana blockchains and will support $USDC and $BUSD as collateral.
To create one $CUSD, users must put $1 in collateralized assets into the $CUSD Reserve smart contract. The cost of each redeeming transaction will be 0.5%, but the cost of minting $CUSD will be free.
Coin98 is an all-in-one DeFi solution that boasts of exciting features like staking, decentralization, and token swaps, among others.
The company owns the Coin98 Wallet, a leading multi-chain wallet with over 5 million users accessing over 50 supported blockchains simultaneously.
Alongside the wallet, the company also owns the Coin98 Exchange, a cross-chain aggregator protocol that executed over 1 billion dollars in volumes last year.
