Canadian Stablecoin ‘CUSD’ Launches Today | BTCMANAGER
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An Ontario based blockchain company is rolling out the first fully-regulated Canadian-delivered USD stable coin. According to news published by Yahoo Finance on November 11, the new stable token aims to ease access to the digital currency asset class in North America and facilitate cross-border transactions between Canada and the U.S.
A Canadian-based USD Stablecoin
Blockchain Venture Capital Inc. (BVCI), an Ontario-based company that develops public blockchain and cryptocurrencies digital infrastructure, has just announced the launch of the first Canadian delivered USD stable coin named CUSD.
The launch of the volatility-free token pegged to the U.S. Dollar comes just 4 months later the roll-out of the CADT, the first stable coin backed by Canadian Dollars, launched on July 1, by BVCI itself.
CUSD is expected to be used by businesses and individuals worldwide and aims particularly at providing easy and reliable access to the digital asset class.
According to the company, CUSD will facilitate the exchange of values between the borders of Canada and the U.S. even though it is still unclear how the token will achieve complete private cross-border transactions as the company hasn’t provided any detailed feedback on the KYC requirements to acquire both CUSD and CADT.
In addition, BVCI has confirmed that CUSD will be backed by U.S. Dollars which will be held in an escrow account. BVCI’s CUSD differs from other competitors since the company is compliant with all federal regulations that relate to the transmission of virtual money.