CUSD Stablecoin Launches on the Viction Blockchain Network

SEATTLE, December 18, 2023 — Stably and Coin98 are proud to announce the native launch of CUSD (symbol: CUSD) on the Viction network, a highly scalable and secure blockchain network taking a community-driven approach to accelerate the mass adoption of Web3 applications.

As a financial technology provider to emerging blockchains, Stably is always focused on its mission of powering the next billion Web3 users with state-of-the-art stablecoin and fiat ramp infrastructure. Moreover, we are unwavering in our conviction that stablecoins, digital assets, and decentralized financial systems will revolutionize and drive global economic empowerment in the near future. As a result, we have decided to team up with our friends at Coin98, an all-in-one DeFi platform, to launch CUSD, the first natively-issued US Dollar stablecoin on Viction that’s built upon the VRC-25 token standard. 

In May 2023, Coin98 strategically invested in Viction (formerly TomoChain), bolstering the acceleration of infrastructure development for its ecosystem. Following the investment, Coin98 also became the official non-custodial wallet for Viction.

What is CUSD? 

CUSD is a fully-backed stablecoin created by Stably in collaboration with the Coin98 team. The collateral of CUSD is held in liquid USD-denominated assets—including bank deposits, money market instruments, and USDC—by a designated trustee for the benefit of CUSD token holders. Every CUSD token can be minted or redeemed 1-to-1 with USD or USDC (minus fees) by users who are KYC-verified by Stably.

Administered by Stably’s Wyoming-based registered money service business subsidiary, CUSD is issued in compliance with FinCEN’s convertible virtual currency guidance (FIN-2019-G001), including BSA/AML regulations and OFAC sanctions. Additionally, periodic attestations will be performed by an independent attestor to verify that every CUSD token in circulation is backed 1-to-1 with collateral.

Why Viction?

At Stably, we are deeply committed to expanding stablecoin accessibility and streamlining the on/off-ramp process within pioneering blockchain projects. Our choice to launch CUSD on Viction was influenced by several factors:

• EVM Compatibility: We recognized that Viction’s compatibility with the Ethereum Virtual Machine would allow us to seamlessly integrate tools and resources from the established Ethereum ecosystem.
• Scalability and Speed: Viction’s capability to ensure faster transaction confirmations is a match for our wish to provide users with more efficient stablecoin transactions.
• VRC-25 Token Standard: Viction’s VRC-25 standard is similar to its VRC-20 and Ethereum’s ERC-20 standards. However, it allows token holders to pay gas fees with the token itself, improving the user experience for non-Web3 users and enabling fee sponsorship for smart contracts, including the CUSD contract.  
• Cost-Efficiency: Viction’s reputation for low transaction fees was a significant factor for us, given the importance of cost-effectiveness in stablecoin transfers and management.
• Masternode System: Viction’s robust system of 150 Masternodes, which validate and produce new blocks, aligns with our emphasis on network security and consistent transaction processing.
• High Security: Viction’s unique Proof-of-Stake Voting (PoSV) consensus method not only guarantees the network’s security but also aligns with our values of promoting token-holding and staking incentives.

Given these compelling features, our decision to collaborate with Coin98 and Viction for the CUSD stablecoin launch became an obvious leap toward the future. This partnership signifies more than just technological synergy; it embodies our shared vision of a decentralized financial future. Together, Stably, Coin98, and Viction are not merely observing the crypto revolution—we’re shaping it, one stablecoin at a time.

How to Mint & Redeem CUSD

Individual and business users worldwide can now onboard from 170+ countries/regions to mint/redeem CUSD on Viction through a variety of payment methods such as ACH, Fedwire, Visa, and Mastercard, plus other popular stablecoins on major networks (e.g., USDC). All of this is accessible through Stably Ramp, a powerful on/off-ramp widget that can also be embedded into third-party applications such as Web3 wallets and DeFi protocols. Through Stably Ramp, users can easily buy, sell, or swap digital assets, including CUSD, using stablecoin and fiat payments for as low as 0% in transaction fees. 

For additional instructions, please refer to our support article for CUSD.

About Coin98

Coin98 is a DeFi product builder focusing on creating and developing an ecosystem of DeFi protocols, Web3 applications, and NFTs on multiple blockchains. Our mission is to fulfill untapped demand and enhance in-demand utilities in the DeFi space, helping people to access DeFi services effortlessly. To learn more, visit coin98.com.

About Viction

Viction (formerly TomoChain) is a scalable blockchain powered via a Proof-of-Stake Voting (PoSV) consensus, in mainnet since 2018, taking a community-driven approach to accelerate the mass adoption of Web3 applications. Viction achieves 2000 TPS, 2-second block time, and near-zero gas fees without compromising decentralization. To learn more, visit viction.xyz.

About Stably

Stably is a venture-backed FinTech company headquartered in Washington, with a registered money service business subsidiary in Wyoming. The company offers regulatory-compliant Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure to emerging blockchains, Web3 applications, and financial institutions. By leveraging Stably’s solutions, users from 170+ countries/regions can effortlessly onboard to buy, sell, or swap digital assets at competitive rates across various blockchain networks via stablecoin or fiat payments. To learn more, visit stably.io.