CoinFLEX to Distribute RVUSD, USDT, and USDC Assets to Creditors

04/01/2023 02:48 • Tech Trends • 142 views

On April 1st, according to the latest announcement, CoinFLEX will start distributing relevant assets to creditors according to the approved restructuring terms next week, and all LUSD transactions will be permanently suspended around 20:00 Beijing time on April 1st, 2023. The assets to be distributed to creditors will include rvUSD, USDT, and USDC. It is expected that the payment of the rvUSD portion will begin early next week, and the equity issue will begin later next week. It is expected that the USDC and USDT will be distributed by the end of next week.

CoinFLEX releases the latest progress in restructuring and will begin distributing relevant assets to creditors next week

Introduction

As per the latest announcement by CoinFLEX, the company will begin distributing relevant assets to creditors next week. The announcement further states that all LUSD transactions will be permanently suspended around 20:00 Beijing time on April 1st, 2023. The assets to be distributed to creditors will include rvUSD, USDT, and USDC.

What Caused the Distribution of Assets?

CoinFLEX went through a restructuring process that resulted in the distribution of relevant assets to creditors. The company’s management and shareholders agreed on the restructuring terms and reached a consensus on the distribution of assets.

What Are the Assets to Be Distributed?

The assets that will be distributed to creditors include rvUSD, USDT, and USDC. CoinFLEX expects to start paying out the rvUSD portion early next week, while the USDT and USDC payouts are expected to happen by the end of next week.

What Is rvUSD?

rvUSD is a stablecoin that is pegged to the USD at a ratio of 1:1. The coin is backed by a basket of assets that include US Treasury bonds, gold, and Bitcoin. The rvUSD stablecoin offers several advantages over traditional USD, including better security, faster transactions, and lower transaction fees.

What Is USDT?

USDT is the biggest stablecoin by market capitalization. It is a cryptocurrency token that is pegged to the USD at a ratio of 1:1. USDT offers several advantages over traditional USD, including faster transactions and lower transaction fees.

What Is USDC?

USDC is a stablecoin that is also pegged to the USD at a ratio of 1:1. It is issued by Circle, a financial services company that is regulated by the US government. USDC offers several advantages over traditional USD, including better security, faster transactions, and lower transaction fees.

How Will the Asset Distribution Occur?

The distribution of assets will be according to the approved restructuring terms. CoinFLEX will distribute the assets to creditors according to an agreed-upon schedule. The company will also provide further instructions to creditors on how to claim their assets.

Conclusion

CoinFLEX’s distribution of assets to creditors is the result of the company’s recent restructuring process. The assets to be distributed include rvUSD, USDT, and USDC. The distribution will occur according to an approved schedule, with rvUSD payouts starting next week and USDT and USDC payouts occurring by the end of next week.

FAQs

What Is the Difference Between Traditional USD and Stablecoins like rvUSD, USDT, and USDC?

The main difference between traditional USD and stablecoins is that stablecoins have additional features that make them more secure, faster, and cheaper to use for transactions. Stablecoins are also not subject to the same kinds of restrictions as traditional currencies, making them more attractive to some users.

Why Was CoinFLEX Restructured?

CoinFLEX was restructured to ensure that the company remains profitable and sustainable in the long term. The restructuring process was necessary to improve the company’s financial position and address any issues that might have arisen in the past.

How Will Creditors Be Notified of the Asset Distribution?

CoinFLEX will provide further instructions to creditors on how to claim their assets through its official communication channels. Creditors are advised to keep an eye out for any updates from the company and to follow the provided instructions to claim their assets.

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