Zytara announced today the selection of the DigitalBits blockchain, alongside Ethereum for the launch of their Zytara stablecoin (ZUSD). Zytara seeks to launch a digital banking platform and payment network for Millennials and Gen Z gamers and esports enthusiasts that promotes financial literacy and inclusion for demographics long underserved by the traditional financial sector.
ZUSD will be a stablecoin created by Zytara and issued by Prime Trust, a state-chartered trust company in the United States that is also the regulated administrator for ZUSD. Each ZUSD will be 100% collateralized with a corresponding US dollar held with Prime Trust, redeemable through Prime Trust at a 1:1 ratio and subject to examinations by Cohen & Co, a national 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 as the company executes on its mission to incorporate multiple blockchains.
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