Blockchain Venture Capital Inc. (BVCI), a blockchain research and development firm based in Canada, has announced the launch of a new stablecoin called the CUSD. The stablecoin is targeted at the Canadian crypto audience, but is pegged 1:1 to the United States Dollar (USD) instead.
The CUSD stablecoin is powered by the BVCI’s own blockchain called the BVC-chain, which is a public and decentralized blockchain that is said to resemble both the Ethereum and Ripple blockchains. According to the company, the primary aim of the CUSD is to improve the efficiency of cashless payments and will be done via its own BVC wallet. BVCI issued 100 million CUSD at the launch.
The BVCI also announced a BVCPay app. Described as “a mobile application that also functions as a digital asset wallet, blockchain explorer, and over-the-counter trading and decentralized exchange platform”, the BVCPay will allow users buy CUSD using the USD fiat, and then transfer to any supported wallets. Users will also be allowed to easily exchange their CUSD for USD if they choose to.
The announcement also specifies that the CUSD issued is tied to funds in a dedicated escrow account, which is handled by an unnamed financial institution based in the U.S. It also adds that:
“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.”
The BVCI has previously debuted the CADT, a stablecoin pegged to the Canadian dollar, all this ahead of Canada’s development of its own digital currency.
Image Credits: Pixabay
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