Canadian blockchain enquiry firm Blockchain Venture Capital Inc. (BVCI) has officially launched a Usa dollar-pegged stablecoin, the CUSD, according to a press release published on November. xi.

The new USD-anchored stablecoin comes four months after the firm launched CADT, a stablecoin initiative pegged to Canada'southward national fiat currency.

CUSD is pegged i:1 to USD

As reported, BVCI debuted CADT stablecoin in conjunction with last Canada Day on July 1.

With one CUSD equivalent to one USD, the new stablecoin is expected to be used by people and businesses, and specifically targets cantankerous edge transactions between the U.S. and Canada, the firm stated.

BVCI to comply with all federal regulations related to crypto transactions

Regulated by the Financial Transactions and Reports Assay Heart of Canada, BVCI says information technology operates in compliance with all federal regulations related to the transfer of virtual currency. BVCI is a financial services firm incorporated in Ontario, the near populated province in Canada, according to the BVCI'due south website.

Through CUSD stablecoin, BVCI will facilitate cashless transactions with USD deposited into an escrow account with a U.S.-based financial institution, the visitor noted.

Other products of BVCI include BVC-Concatenation, a decentralized hybrid blockchain based on the Ripple and Ethereum blockchains. The house has besides developed BvcPay, a mobile app that functions equally a digital wallet, blockchain explorer, and over-the-counter trading and decentralized substitution platform. The newly launched CUSD can be purchased and operated through BvcPay.

In May 2019, TrustToken released TrueCAD stablecoin, calculation the Canadian dollar (CAD)-pegged crypto to its line of fiat-backed stablecoins such as TrueUSD and TrueAUD. In April, Canada'due south leading crypto exchange Coinsquare appear the launch of some other CAD-backed stablecoin dubbed eCAD.