LitFinancial launches stablecoin litUSD on Ethereum to simplify mortgage process

According to ChainCatcher, according to CoinDesk, Michigan-based mortgage lender LitFinancial launched its dollar stablecoin, litUSD, on the Ethereum blockchain on Wednesday. The company said it plans to use the token to reduce financing costs, optimize fund management operations, and explore on-chain settlement of mortgage payments. This stablecoin called litUSD is deployed on the Ethereum blockchain as an ERC-20 token and is powered by reserved cash and cash equivalents in a ratio of 1:1. Brale is responsible for the issuance and redemption management of tokens, while consulting firm Stably provides token economics support and promotes its integration with DeFi. Consumers can mint and redemption litUSD through Brale's certified corporate account through bank transfer or Circle's USDC stablecoin.