LitFinancial launches stablecoin litUSD on Ethereum to simplify collateralized lending processes
ChainCatcher News, according to CoinDesk, on Wednesday, Michigan-based mortgage institution LitFinancial launched its US dollar stablecoin—litUSD—on the Ethereum blockchain.
The company stated that it plans to use this token to reduce financing costs, optimize capital management operations, and explore on-chain settlement for mortgage payments. The stablecoin, named litUSD, is deployed as an ERC-20 token on the Ethereum blockchain and is backed 1:1 by cash and cash equivalents held in reserve.
Brale is responsible for the issuance and redemption management of the token, while consulting firm Stably provides tokenomics support and promotes its integration with DeFi. Consumers can mint and redeem litUSD through Brale’s verified business accounts via bank transfer or Circle’s USDC stablecoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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