Alloya & Appex Launch Controlled Pilot Of CUUSD Institutional Payment Stablecoin
By CU Today Staff —
NAPERVILLE, Ill.--Alloya Corporate Federal Credit Union Tuesday announced the launch of CUUSD, a U.S. dollar-denominated institutional payment stablecoin issued by Appex CUSO, LLC (Alloya Premier Exchange), a wholly owned credit union service organization of Alloya.
CUUSD is designed for approved credit unions and other institutional participants to support the transfer and holding of digital value across modern payment networks, Alloya said.
“Today marks an important milestone as CUUSD begins operating on the
Ethereum global blockchain network through a controlled institutional pilot,” said Todd Adams, CEO of Alloya. “We have built infrastructure designed to connect financial cooperatives around the world and create new opportunities for them to share resources, transfer value efficiently and participate in the next generation of digital financial services.”
As one of the nation’s largest corporate credit unions and a leading provider of liquidity and payment solutions for credit unions, Alloya is uniquely positioned to help bring cooperatively owned digital payment infrastructure to the credit union industry. Through its aggregation of resources and long-standing commitment to innovation, Alloya continues to provide solutions that support the success of its member-owners, the corporate stated.
For decades, Alloya has helped credit unions access established payment systems, including wires, checks, ACH, and coin and currency services. CUUSD extends that tradition into digital payment networks by creating a cooperative option designed around the needs of credit unions and other approved institutional participants.
“With the vision and support of our board of directors, Alloya has explored how stablecoin technology can help credit unions transfer and hold digital value more efficiently,” Adams said. “As financial activity moves increasingly to digital networks, CUUSD is designed to offer a cooperative, credit union-owned option that keeps the industry’s interests at the center of innovation while preserving the principles that have long defined the credit union movement.”
At launch, Appex CUSO, LLC minted 1 million CUUSD tokens on the Ethereum blockchain for pilot and testing activities. The tokens represent $1 million in digital value. Appex CUSO, LLC serves as the issuing and administrative entity for the CUUSD program and is responsible for token issuance and reserve administration.
CUUSD will initially operate through a controlled pilot program involving a limited number of approved institutional participants. The pilot is intended to support operational testing, technology validation and use-case evaluation in a controlled environment. CUUSD is not available for purchase by consumers or the general public and may only be accessed by approved participants in accordance with applicable program requirements, Alloya explained.
“We also thank Dr. Lamont Black and the team at Wide Open Ventures, together with the professionals at XKOVA, for their strategic and technical contributions in helping Appex CUSO, LLC reach this milestone,” Adams added.
The official CUUSD smart-contract address on Ethereum is 0x7f7bfAab710772bB29543e3d120fDaf2fC36389D. Before interacting with any token claiming to be CUUSD, participants should verify the contract address through the official CUUSD website at www.CUUSD.com, Alloya added.
Originally reported by CU Today.