Zytara, Prime Trust to Launch ZUSD stablecoin

Wednesday 16 December 2020 13:14 CET | News

US-based fintech company Zytara has announced the launch of the Zytara dollar (ZUSD) stablecoin in partnership with its subsidiary Zytara Capital and with Prime Trust.

Zytara is an asset platform that enables payments, custody, and settlement of alternative assets. This follows news earlier this month around Zytara's plan to a create digital banking platform and payment network for millennials, gen z gamers, and esports enthusiasts.

ZUSD will be a stablecoin created by Zytara Capital and issued by Prime Trust, a trust company that is also the regulated administrator for ZUSD. Each ZUSD will be 100% collateralised with a corresponding USD held with Prime Trust, redeemable through Prime Trust at a 1:1 ratio and subject to examinations by an independent accounting firm with reports that are made publicly available on a regular basis. ZUSD will initially launch on the Ethereum blockchain, followed by the DigitalBits blockchain.

ZUSD will also be added onto the Zytara platform, enabling members to send and receive payments, earn on spending, and participate in other benefits made possible using a cryptocurrency.
Other use cases for ZUSD will include:
  • sending and receiving payments at any time using a digital stable dollar;
  • a medium of exchange within the ecosystem of trading platforms; 
  • a programmable dollar supported by fintech, esports and gaming companies, developers, and dApps.

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Keywords: Zytara, Prime Trust, partnership, ZUSD, stablecoin, US, Zytara Capital, Ethereum, blockchain, cryptocurrency
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3