The $98 coin (CUSD) is the next building block in the Coin98 ecosystem, a completely new unit of account for the multi-chain economy.
As the multi-network world expands, this increases the demand for moving assets between different chains by a wide margin.
However, the main problem of fragmented liquidity is also emerging.
CUSD was created to effectively address the problem of fragmented liquidity as a unit of account that measures the value of all cross-chain liquidity pools in the network that Coin98 is building.
What is CUSD
CUSD is a fully backed stablecoin that aims to become a cross-chain unit of account that meets the demand for cross-chain liquidity in DeFi.
Needless to say, CUSD has an ambitious long-term mission.
Our initiative is to create a solid foundation for CUSD use cases in the Coin98 ecosystem by focusing CUSD as the default exchange for all products generated by Coin98 Finance.
In the long term, CUSD will gradually expand to other DeFi ecosystems in a multi-network world.
How does CUSD expand the supply?
CUSD is a decentralized stablecoin fully backed by reserve assets.
To convert to 1 CUSD, one dollar of the secured assets must be sent to the CUSD Reserve smart contract.
In particular, at the initial stage, the collateral ratio for conversion to 1 CUSD will be equal to 1 USD in fiat-backed stablecoins – BUSD (in the BNB chain) and USDC (in Solana and Ethereum).
CUSD can be exchanged at a ratio of 1:1 directly to a fixed currency pre-installed in the reserve, which is the main mechanism that allows CUSD to stabilize at an early stage.
In the CUSD mechanism, it is worth noting that converting other stablecoins to CUSD will be free.
Meanwhile, a small fee of 0.5% is initially charged in addition to the cost of each redemption transaction and can be adjusted based on future market conditions.
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CUSD is fully backed by all collateralized stablecoin assets that have been sent to the CUSD reserve smart contract.
All support assets are saved in the contract so that all users can receive them at any time.
CUSD contracts are evaluated by highly reliable auditors and audit reports have already been published.