Introducing CUSD, a fully-backed US Dollar stablecoin unlocking new use cases on Viction

Introducing CUSD, a fully-backed US Dollar stablecoin unlocking new use cases on Viction

We are excited to announce the availability of CUSD on Viction, a fully-backed US Dollar stablecoin sponsored by Ninety Eight and issued by Stably. Developers and users can now easily access CUSD liquidity and benefit from Viction’s cost-efficiency, fast transition, and scalability.

Unlocking new use cases

In an effort to maintain a seamless user experience and empower developers to build on a stable foundation, we are excited to bring CUSD natively to our platform. Issued through Stably's battle-tested stablecoin infrastructure under FinCEN’s convertible virtual currency guidance, CUSD maintains a reserve of US dollars that matches the number of circulating tokens at a 1:1 ratio.

Market participants can now discover the expanded potential of CUSD within the Viction ecosystem as we introduce new use cases:

  • Effortlessly buy and sell CUSD with fiat payments or swap CUSD with other stablecoins, unlocking a multitude of opportunities provided by the Viction network.
  • Through the VRC25 token standard, users can enjoy Near-Zero-Cost transfers and conversions, settling CUSD transactions within seconds. 
  • Securely store savings in digital dollars, eliminating the necessity of a traditional bank account.

Enabling further possibilities

CUSD on Viction not only complements our ecosystem but also opens up new opportunities for interaction within our platform. Moving forward, we are excited to introduce additional use cases, leveraging the presence of CUSD and other stablecoins. Our platform will incorporate bridging tools to facilitate seamless cross-chain integration, enabling users to engage in more diverse activities such as trading, borrowing, and lending across various applications. The availability of CUSD on Viction promises to foster a sense of trust within the Viction ecosystem, empowering users to confidently explore the vast possibilities that Viction offers.

About CUSD

CUSD is a fully- backed US Dollar stablecoin created by Stably in partnership with Ninety Eight. The collateral of CUSD is held in bank deposits, money market instruments, and USDC by a designated trustee for the benefit of verified CUSD token holders. Additionally, periodic attestations are performed by an independent attestor to verify that every CUSD token in circulation is always backed with collateral.

With CUSD, anyone in the world can easily on-ramp from fiat and stablecoins on other networks to Viction, settle payments or cross-border remittances near-instantly, and interact with Web3 apps within the Viction ecosystem.

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About Viction

Viction is a people-centric layer-1 blockchain that provides zero-gas transactions and heightened security, making Web3 accessible and safe for everyone. 

Along with security features and zero-gas transactions, the fast transaction speed and scalability make Viction a suitable platform for developing products aimed at building a more open and secure world.

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