Today we’re pleased to announce that OKCoin is the first exchange to list Celo Dollars (cUSD), a stablecoin built for payments on the Celo network. Celo is an open platform that makes financial tools accessible to anyone with a mobile phone, whether a trader, investor, or anybody looking to transact with crypto.
OKCoin is proud to support Celo which enables traders and investors with an easy way to get in and out of crypto and local currency positions. Last week we announced our listing of CELO token and our membership in the Celo Alliance for Prosperity, increasing the accessibility of cUSD.
Concept behind cUSD
Celo Dollars provide a globally accessible stable-value asset for use within the Celo network. With cUSD, you can share money faster, cheaper, and more easily on your mobile phone.
Across the world, the Celo network provides communities with a reliable financial infrastructure that makes mobile payments fast and easy. Payments are facilitated by the Celo protocol which supports the use of multiple assets including cUSD and the network’s native digital token, CELO.
cUSD has a sophisticated reserve structure. The asset is pegged to the US dollar and backed 50% by cryptocurrencies including BTC and ETH, and backed 50% by the CELO token. As such, cUSD is unique because it’s an on-chain, crypto-backed seigniorage style asset.
- cUSD price: 1 USD approximates 1 cUSD
- cUSD outstanding: 7,053,506
- Reserve ratio: ratios of the value of the reserve in USD to the value of all outstanding cUSD (as well as other future stabilized tokens supported by the reserve)
- Unfrozen: 17.9
- Total: 44
- Initial reserve target:
cUSD went live in June, the first of the Celo protocol’s intended stable-value assets.
Added utility with cUSD stablecoin
Stablecoins allow investors and traders to buy and sell positions easily, reducing the fees associated with moving out of a position into a local fiat currency and retaining the value of your funds. cUSD brings added utility, allowing users across the world to send and receive mobile payments on the Celo network using an address-based encryption scheme.
The Celo network has the potential to provide financial services for every mobile phone holder in the world. To achieve this, Celo requires liquid markets like OKCoin that provide price discovery for the protocol’s stability mechanism. Read more about the network in our previous CELO listing announcement.
All crypto assets, including stablecoins, have a certain degree of risk. Though backed by more volatile assets such as BTC, ETH, and CELO, cUSD aims to maintain its peg to the dollar based on Celo’s stability mechanism. Learn more at celoreserve.org. Please remember to trade responsibly.
The Celo Alliance for Prosperity
Last week, OKCoin announced that we joined the Celo Alliance, providing Alliance members with a trustworthy exchange for buying and selling cUSD and bringing robust liquidity to the Celo platform. The Alliance includes 100 members including organizations like MoonPay, Wyre, Mercy Corps, and the Grameen Foundation, who each contribute to the Celo mission of advancing global financial inclusion by supporting cUSD mobile payments.
As a globally regulated exchange serving customers from over 180 countries, OKCoin’s liquidity makes it easy to access and exchange cUSD, helping facilitate mobile payments around the world. This is very much in line with OKCoin’s mission of making crypto accessible to everyone around the world.