LitFinancial launches the stablecoin litUSD on Ethereum to simplify the mortgage process

ChainCatcher news, according to CoinDesk, on Wednesday, Michigan-based mortgage institution LitFinancial launched its dollar stablecoin ------ litUSD on the Ethereum blockchain.

The company stated that it plans to use the token to reduce financing costs, optimize fund 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, backed by cash and cash equivalents in reserve at a 1:1 ratio.

Brale is responsible for the issuance and redemption management of the token, while consulting firm Stably provides token economics support and facilitates its integration with DeFi. Consumers can mint and redeem litUSD through Brale's certified corporate accounts via bank transfers or Circle's USDC stablecoin.