Canadian CUSD stablecoin pegged to the US dollar but meant for the Canadian market has finally been launched by Blockchain Venture Capital Inc as we are reading further in the altcoin news today.
The Canadian CUSD is the new fiat-based stablecoin backed by the greenback and it is also secured by the US-based banking institution. The new coins are issued corresponding to funds in a dedicated escrow account. 100 million CUSD was issued at the official launch. The CUSD stablecoin is much different from other fiat-crypto coins on the market and it also runs on the BVC-chain a public decentralized blockchain that combines all of the features of Ripple and Ethereum networks. The new stablecoin will be available via the BVC wallet and the chief aim is to facilitate cashless transactions while still being transparent and connected to the legacy financial system.
CUSD will fuel the activity of the BVCPayy app which combines a wallet, blockchain explorer, a payment hub and a trading platform. BVCI has done all to cover the requirements for money management business and has no risk to depart from the project based on a loss of banking services. The predecessor of CUSD- CADT, already passed the regulations by the FINTRAC financial authority.
The regulators scrutinized the idea of stablecoins mainly since Libra emerged to the public and smaller projects have managed to launch without a problem. The possibility to own crypto assets with a predictable price has appealed to the new traders since stablecoins have been extremely useful in moving the funds between exchanges where the waiting time is usually up to a few days.
Stablecoins usually derive from the US dollar and its value but there are also assets pegged to other national currencies, and the representation of CAD which is relatively low despite the fact that Canada is one of the most active markets for adoption and the only CAD-based stabelcoin is the TrueCAD which is built by TrustToken. There is also additional work required to create the new Canadian CUSD on the XRPL ledger but the asset has not launched officially yet. The previous CADT stablecoin did not show any significant influence in the crypto trading system despite being launched this July.
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