PANews reported on September 10 that according to CoinDesk, on Wednesday, Michigan-based mortgage lender LitFinancial launched its US dollar stablecoin, litUSD, on the Ethereum blockchain. The company said it plans to use the token to reduce financing costs, optimize fund management operations, and explore on-chain settlement of mortgage payments. The stablecoin, called litUSD, is deployed on the Ethereum blockchain as an ERC-20 token and is backed by cash and cash equivalents in reserves at a 1:1 ratio. Brale is responsible for the issuance and redemption management of the token, while consulting firm Stably provides token economics support and promotes its integration with DeFi. Consumers can mint and redeem litUSD through Brale's certified corporate account via bank transfers or Circle's USDC stablecoin.