Mortgage lender LitFinancial launches stablecoin litUSD on Ethereum to streamline the mortgage process

Jinse Finance reported that Michigan-based mortgage institution LitFinancial has launched its USD stablecoin, litUSD, on the Ethereum blockchain. The company stated that it plans to use the token to reduce financing costs, optimize capital management operations, and explore on-chain settlement for mortgage payments. The stablecoin, named litUSD, is deployed as an ERC-20 token on the Ethereum blockchain and is backed 1:1 by cash and cash equivalents held in reserve. Brale is responsible for the issuance and redemption management of the token, while consulting firm Stably provides tokenomics support and promotes its integration with DeFi. Consumers can mint and redeem litUSD via Brale’s verified business accounts through bank transfers or Circle’s USDC stablecoin.