On Monday, November 11, a Canadian blockchain firm, Blockchain Venture Capital Inc. (BVCI), announced the launch of their second stablecoin. It is called CUSD and it is pegged against the US dollar. As per the press release, the stablecoin is designed with the hope that it will be used globally, more specifically for Canadian and American cross border trades.
BVCI was incorporated based on laws in Ontario and is widely known for its focus on blockchain research and development. It currently has a public decentralized blockchain (BVC-Chain) that supposedly combines both Ripple and Ethereum blockchains. They’ve also established BvcPay, a mobile app that serves as a digital asset wallet.
As for the CUSD, it is pegged with a 1 to 1 ratio, which means that 1 CUSD can be purchased with 1 USD. This can be achieved through the BvcPay app, which is compatible with both iOS and Android devices.
BVCI complies by all federal regulations, notes the press release, adding that the necessary measures are taken to ensure established transactions abide by Canadian law.
“BVCI is regulated in Canada by FINTRAC as a money service business […] BVCI is on track to deliver more fintech products to facilitate and promote individuals and businesses with fast, secure, convenient channels and credit ecology.”
CUSD comes four months after the launch of CADT, another Canadian stablecoin that was launched this year on Canada day. CADT is pegged on a 1 to 1 ratio with the Canadian Dollar and was also created for both businesses and individuals.