The first Corda Network digital currency called XDC has been launched by Cordite Society Ltd, a UK-registered co-operative society leveraging the existing UK legal structure for mutual societies to operate a digital currency, and providing the first onshore legal structure for decentralized finance (DeFi).
XDC is an exchange token released onto the Public Corda network, and it enables users to buy and sell goods within the network, while each node represents a legal entity, identified by a trusted identity certificate. Financial institutions are enabled to build enterprise-grade DeFi platforms, such as decentralized exchanges or automated liquidity provision, similar to Uniswap, while XDC case study demonstrates Corda's suitability for building central bank digital currencies (CBDCs) and stablecoins, they claimed.
