"Issued as an ERC-20 token by Brale, a FinCEN-registered money services business, litUSD is backed one to one with cash and cash equivalents held in reserve. Businesses can mint or redeem tokens through bank transfers or USDC using verified Brale accounts, according to LitFinancial's press release. Stablecoins are rapidly becoming an essential tool for modern treasury operations, said Tim Barry, CEO of LitFinancial."
"With litUSD, we're building resilience and adaptability into our business model while pioneering how mortgage finance can evolve with blockchain technology. Everything has been intentional, especially building litUSD on ETH due to its stability, decentralized nature, and aligning with domestic policies. Brale serves as the regulatory and technical partner for litUSD. Its CEO, Ben Milne, said the project shows how regulated institutions can adopt stablecoin technology under established legal frameworks."
"Seattle-based Stably advised on strategy, token economics, launch execution and decentralized finance integration. CEO Kory Hoang said litUSD has the potential to lower the cost of credit and change how mortgages are priced and delivered. LitUSD is now available for minting and redemption through Brale's platform. Lit, founded in 2024 and headquartered in Troy, Michigan, employs more than 100 people and expects an annual mortgage origination volume of more than $1 billion by 2026."
litUSD is an ERC-20 stablecoin issued by Brale, a FinCEN-registered money services business, and backed one-to-one with cash and cash equivalents held in reserve. Businesses can mint or redeem tokens through bank transfers or USDC using verified Brale accounts. LitFinancial positions stablecoins as essential for modern treasury operations and intends litUSD to add resilience and adaptability to mortgage finance through blockchain integration. litUSD is built on Ethereum to leverage stability, decentralization, and alignment with domestic policy. Brale acts as regulatory and technical partner. Stably advised on strategy, tokenomics, launch execution, and DeFi integration. Lit anticipates over $1 billion in annual mortgage originations by 2026.
Read at www.housingwire.com
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