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Decentralized Finance Protocol Coin98 Unveils Native Stablecoin CUSD
The move comes as DeFi platforms such as Curve and Aave race to craft their own stablecoins to attract users and boost growth.
Updated May 11, 2023, 4:49 p.m. Published Sep 20, 2022, 10:53 p.m.
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Decentralized finance (DeFi) platform Coin98 has rolled out its own dollar-pegged, decentralized stablecoin aiming to become a way to move value across different chains, Coin98 said Monday.
- The move comes as the race among DeFi protocols to craft their own native stablecoins is heating up in an attempt to attract users and boost liquidity on the platforms. DeFi heavyweights Curve and Aave are reportedly working on their own stablecoin projects.
- Stablecoins are a subset of cryptocurrencies that maintain their price stable to another asset, usually pegged to the U.S. dollar. They serve as an important bridge between government-issued (fiat) currencies and crypto assets, and have seen tremendous growth in the last few years, now making up $152 billion of the $1 trillion crypto asset class.
- Coin98 dollar, also called CUSD, started trading Monday on three blockchains, namely Ethereum, BNB Smart Chain and Solana. “In the long run, CUSD will gradually expand into other DeFi ecosystems in the multi-chain world,” according to a Coin98 post.
- CUSD is a fully collateralized stablecoin that supports its value through Circle USDC and Binance USD held in a Coin98 reserve. Users can mint and redeem CUSD at a 1:1 ratio by depositing USDC or BUSD. At the initial phase, the CUSD’s supply will be capped at $50 million.
- The stablecoin’s smart contract code has been audited by security firms Inspex, PeckShield and SlowMist, according to a blog post.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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