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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/18/2022

Coin98 Launches CUSD Stablecoin to Boost Cross-Chain Liquidity

On September 19, DeFi platform Coin98 Super App unveiled its latest product: the Coin98 Dollar (CUSD) stablecoin. Coin98 Dollar (CUSD) is a decentralized stablecoin under the Coin98 Super App brand, a leading DeFi application in the crypto space. Well known in the Vietnamese crypto community, the project's founders are Vietnamese, and the C98 token drew significant attention when it launched on Binance Launchpad in July 2021. The stablecoin launch had been hinted at by founder Lê

Coin98 Launches CUSD Stablecoin to Boost Cross-Chain Liquidity

On September 19, DeFi platform Coin98 Super App unveiled its latest product: the Coin98 Dollar (CUSD) stablecoin.

Coin98 Dollar (CUSD) is a decentralized stablecoin under the Coin98 Super App brand, a leading DeFi application in the crypto space. Well known in the Vietnamese crypto community, the project's founders are Vietnamese, and the C98 token drew significant attention when it launched on Binance Launchpad in July 2021.

The stablecoin launch had been hinted at by founder Lê Thanh back in May 2022, though details were scarce at the time.

The September 19, 2022 announcement shed more light on Coin98 Dollar's (CUSD) functionality and mechanics. CUSD is positioned to become the default currency — essentially the "lifeblood" — powering Coin98's cross-chain products and ecosystem, including Coin98 Wallet, Coin98 Exchange, and other products like Saros on Solana and Baryon on BNB Chain.

According to Coin98, the new stablecoin is designed to unify liquidity across multiple blockchains, addressing the fragmentation that has plagued the crypto sector as layer-1 solutions continue to multiply.

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 move seamlessly across different blockchains without worrying about chain-specific friction. Users can also redeem their funds back into BUSD or USDC at any time.

The total supply of Coin98 Dollar will start small at launch and grow gradually with user demand for deposits and conversions, capped at 50 million CUSD.

CUSD Functionality Overview
CUSD will also introduce new use cases for Coin98's native token, C98. C98 can be used for:

– Collateral in CUSD borrowing activities;
– Providing liquidity to the C98/CUSD pool;
– A portion of CUSD revenue will be returned to the C98 treasury.

The price of C98 held relatively steady following the CUSD announcement, after a turbulent session on September 19 in line with the broader crypto market.

1-Hour Chart of C98/USDT on Binance at 8:20 PM on September 19, 2022