Coin98 Dollar (CUSD) is a robust stablecoin that aims to fill the gap in the decentralized finance (DeFi) sector by providing much-needed cross-chain liquidity. By creating a cross-chain unit of account, the Coin98 Dollar project champions the integration of blockchain technologies for seamless and flexible DeFi operations.
About Coin98 Dollar
Unlike other cryptocurrencies, Coin98 Dollar (CUSD) has a steady value as it is a fully-backed stablecoin. This implies that for each CUSD in circulation, there is an equivalent value held securely in the CUSD Reserve smart contract. The fundamental purpose of this arrangement is to maintain the stability of the value of CUSD.
Minting CUSD
The process of minting CUSD involves depositing a total of $1 worth of collateralized assets into the CUSD Reserve smart contract. This means that for every $1 worth of CUSD created, an equivalent value must be locked up in the reserve.
Collateral for Minting CUSD
In the initial phase of the Coin98 Dollar project, the collateral required to mint 1 CUSD is $1 worth of fiat-backed stablecoins. These include BUSD (on BNB Chain) and USDC (on Solana and Ethereum). This approach ensures the stability of CUSD while providing a flexible solution for cross-chain liquidity in the DeFi sector.
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