Canadian BVCI Launches Another Stablecoin CUSD
The Canadian firm Blockchain Venture Capital Inc. (BVCI) has launched a new stablecoin christened CUSD, whose value will be attached to the US dollar. This development comes only 120 days after BVCI launched a Canadian dollar-pegged stablecoin, CADT. Stablecoins are seen as a safe haven to control the volatility associated with digital currencies. Several countries and mainstream companies are already venturing into the capabilities of stablecoins.
The BVCI, which is a Canadian company incorporated according to the laws of Ontario, developed both the CADT and CUSD stablecoins. While CADT was attached to the Canadian dollar, CUSD is backed by the US dollar and expected to serve as a global stablecoin. BVCI also aims to use CUSD to serve both individuals and businesses because the coin can facilitate cross-border trades between Canada and America.
A section of the official statement reads:
“CUSD facilitates cashless transactions with the pledged value of USD deposited into an Escrow Account with a US-based financial institution. With superior blockchain technology, BVCI can reconcile CUSD and USD on a real-time basis. People and businesses can enjoy secure and fast convenience without the drawbacks of using cash or expensive third-party intermediaries.”