Internet reports that Michigan-based mortgage lender LitFinancial has launched its U.S. 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 supported by cash and cash equivalents in reserves in a 1:1 ratio. Brale is responsible for token issuance and redemption management, while consulting firm Stably provides token economics support and promotes its integration with DeFi. Consumers can make and redeem litUSD through bank transfers or Circle's USDC stablecoins and Brale's certified corporate accounts.