Coin98 Labs launches decentralized Stablecoin CUSD

On September 19th, DeFi developer Coin98 Labs announced the launch of a decentralized Stablecoin Coin98 Dollar (CUSD), backed 1:1 by reserve assets, Users need to transfer $1 of assets into the CUSD Reserve smart contract to cast a CUSD. In the initial phase, BUSD on the BNB Chain and USDC on Ethereum and Solana are supported. According to Coin98 Labs, the CUSD is free to cast, but will be redeemed for a 0.5% fee. The CUSD will initially be capped at $50 million and deployed to Ethereum, BNB Chain, and Solana.