Stellar (XLM) Based Stablecoin To be Pegged to the Australian Dollar (AUD)
Reports reaching Ethereum World News, indicate that a new stablecoin will be launched on the Stellar blockchain that is pegged to the Australian Dollar (AUD). It will keep its value in a manner similar to how traditional stable coins have used the USD as reference as well as being backed by the fiat currency. In this case, the new stablecoin by Novatti Group, will also be backed by the Australian Dollar (AUD).
In an interview to Coindesk during the recently concluded Money 20/20 event in Las Vegas, Peter Cook, Novatti’s Managing Director, explained his vision for the coin beyond crypto market trading:
We think that people will use them [stablecoins] to help purchase goods from Australian enterprises. And we think that will also use them for the payment of bills or for services inside of Australia.
With regards to which bank the firm intends to work with to follow through on this new venture, Mr. Cook had this to say:
We will be working with licensed money service businesses, banks and enterprises, who want access to digital assets. Novatti is a publicly listed company, it’s listed on the Australian stock exchange. So that should give [users] a lot of trust.
The new stablecoin joins a budding list of other stablecoins such as Circle’s USDC, Huobi’s HUSD, Tether (USDT), TrueUSD (TUSD), Paxos Standard Dollar (PAX) and the Gemini Dollar (GUSD).
Novatti is a global software technology and systems integration provider that focuses on the demand for alternative methods of transferring money rapidly. The demand for such services enables telco, financial and other network service providers to deliver a strong value proposition within their ecosystem and target market. The firm is a licensed payments distributor that processes payments for firms such as Vox Telecom and South African remittance provider of MoniSend.
[Image courtesy of KryptoMoney.com]
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.