Coin98 Launches CUSD Stablecoin to Boost Cross-Chain Liquidity
On schedule, on September 19, the DeFi platform Coin98 Super App unveiled its latest product: the Coin98 Dollar (CUSD) stablecoin.
Coin98 Dollar (CUSD) is a decentralized stablecoin branded by Coin98 Super App, a leading DeFi application in the crypto space. Known within the Vietnamese crypto community, the project’s founders are Vietnamese, and the C98 token gained significant attention when it launched on Binance Launchpad in July 2021.
The stablecoin launch had been hinted at by founder Lê Thanh in May 2022, though details were sparse.
The September 19, 2022 announcement revealed more about Coin98 Dollar's (CUSD) functionality and operational mechanisms. CUSD is set to become the default currency—essentially the "lifeblood"—for Coin98’s cross-chain products and ecosystem, including Coin98 Wallet, Coin98 Exchange, and other products like Saros on Solana and Baryon on BNB Chain.
7/ Let's deep dive into the #Coin98Dollar $CUSD mechanism and how we capture value for $C98 👉 https://t.co/UCiOs3snWL
— CUSD (@CUSD_xyz) September 19, 2022
Be a part of our journey today!
According to Coin98, the new stablecoin aims to unify liquidity across multiple blockchains, addressing the fragmentation issues faced by the crypto sector due to the proliferation of various layer-1 solutions.
CUSD will be issued on Ethereum, Solana, and BNB Chain. Users can convert their stablecoins (BUSD or USDC) into CUSD on a 1:1 basis and seamlessly move across different blockchains without worrying about blockchain-specific barriers. Users can also withdraw their funds back into BUSD or USDC at any time.
The total supply of Coin98 Dollar at launch will gradually increase with user demand for deposits and conversions but will be capped at 50 million CUSD.
CUSD Functionality Overview
CUSD will also introduce new uses for Coin98’s native token, C98. C98 can be utilized for:
– Collateral in CUSD borrowing activities;
– Providing liquidity to the C98/CUSD pool;
– A portion of the revenue from CUSD will be returned to the C98 fund.
The price of C98 remained relatively stable following the CUSD stablecoin announcement, after experiencing a tumultuous day on September 19 along with the broader crypto market.
1-hour Chart of C98/USDT on Binance at 8:20 PM on September 19, 2022
