The CUSD stablecoin is powered by the BVCI’s own blockchain called the BVC-chain, which is a public and decentralized blockchain that is said to resemble both the Ethereum and Ripple blockchains. According to the company, the primary aim of the CUSD is to improve the efficiency of cashless payments and will be done via its own BVC wallet. BVCI issued 100 million CUSD at the launch.
The announcement also specifies that the CUSD issued is tied to funds in a dedicated escrow account, which is handled by an unnamed financial institution based in the U.S. It also adds that:
“With superior blockchain technology, BVCI can reconcile CUSD and USD on a real-time basis. People and businesses can enjoy secure and fast convenience without the drawbacks of using cash or expensive third-party intermediaries.”