Coin98 Dollar price 

CUSD

Coin98 Dollar (CUSD) is the next building block in the Coin98 Ecosystem - a brand new unit of account for the cross-chain economy.

As the world of multi-chain expands, it drives up the demand for moving assets among different chains by a large margin; however, the major issue of fragmented liquidity also arises. CUSD was born to effectively tackle the issue of fragmented liquidity, as a unit of account that measures the value of all the cross-chain liquidity pools in the network Coin98 is building.

What is CUSD?

CUSD is a fully-backed stablecoin that aims to become a cross-chain unit of account that fulfills the demand for cross-chain liquidity in DeFi. Needless to say, CUSD brings up an ambitious, long-term mission. To achieve this, our initiative is to build a strong foundation of use cases for CUSD within the Coin98 Ecosystem, first by centering CUSD as the default medium of exchange across all products that Coin98 Finance built. In the long run, CUSD will gradually expand into other DeFi ecosystems in the multi-chain world.

How does CUSD expand supply?

CUSD is a decentralized stablecoin that is fully collateralized by assets in reserve. In order to convert to 1 CUSD, a total of $1 worth of the collateralized assets must be sent into the CUSD Reserve smart contract. Specifically, in the initial phase, the collateral ratio to convert to 1 CUSD will be $1 worth of fiat-backed stablecoins - BUSD (on BNB Chain) and USDC (on Solana and Ethereum).

1:1 Redemption

All CUSD can be redeemed 1:1 directly for the previously collateralized stablecoin in reserve, which is the key mechanism allowing CUSD to achieve stability in the early stage.

In the CUSD mechanism, it is worth noting that converting other stablecoins into CUSD will be free of charge; meanwhile, a small fee of 0.5% is initially incurred on top of each redeeming transaction value and can be adjusted based on market conditions in the future.

CUSD Reserve

CUSD is fully backed by all the supported stablecoin assets that were sent to the CUSD Reserve smart contract. All backing assets are maintained in the contract to ensure that all users can redeem them at any time.

Audits

CUSD contracts have been under the assessment of highly trusted auditors, and the audit reports were already made public to all audiences at https://docs.coin98.com/audits/coin98-dollar.

More details: https://blog.coin98.com/introducing-cusd/