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CUSD – Canada Launches Second Stablecoin This Year

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  • Yuri Molchan
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    Several months after Canada launched its first stablecoin CADT, it has released another one as the country is expanding its presence in the digital finance industry

CUSD – Canada Launches Second Stablecoin This Year
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Canada has released the second stablecoin, reports Finance Yahoo, citing ACCESSWIRE. The new volatility-free crypto is dubbed CUSD and it is pegged to USD unlike its forerunner CADT.

Canada gives the crypto world another stablecoin

Stablecoins are largely preferred by crypto traders and investors these days as these assets are protected from the roller coaster of volatility by being anchored to physical assets, such as leading fiat currencies.

Stablecoins are claimed to be backed by fiat on a 1:1 ratio. Still, the most popular stable crypto Tether (USDT) is a surrounded by controversy and mistrust of many who are doubtful about each USDT being backed by a US dollar. Comments to regular reports of the Whale Alert Twitter account about Tether issuing more USDT are a typical example of that.

Recently, Canada has also got on the bandwagon of stablecoins. On July 1, the Canada Day, it released the first stablecoin CADT backed by the Canadian dollar. It was developed by BVCI (Blockchain Venture Capital Inc.).

Now, the company has kicked off another one, this time backed by USD – CUSD.

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Based on Ripple and Ethereum chains

BVCI works in the sphere of DLT research and development. It has created its own BVC-chain based on both Ethereum chain and XRPL. The company has also created a mobile app BvcPay that can be used as a crypto wallet, DLT explorer and a platform for regular (and OTC) crypto trading.

CUSD is backed by USD that is put on escrow accounts run by a financial institutions based in the US.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
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Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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