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Australians Create Stablecoin For “Ordinary Purchases”

12:08 24/10/2018

A payment provider Novatti Group is preparing to launch a new stablecoin pegged to the Australian dollar. The token is designed for widespread use in daily shopping and business, CoinDesk reports.


New cryptocurrency runs on the Stellar blockchain. Each token will be backed by the real Australian dollar, stored in a trust fund. The issuance of Novatti AUD Utility Token will begin on November 19, 2018, the company announced at the Money 20/20 conference in Las Vegas.


Usually, stablecoins serve as a tool with which traders move funds from one exchange to another to speed up the procedure and avoid the volatility-related losses. However, Novatti decided to develop a token that would be used for everyday purposes — regular payments and purchases.


Peter Cook, the managing director of the company, suggests that people can utilize the new stablecoin to pay for goods in Australian stores, as well as to pay for bills and services of local businesses. He added that Novatti will cooperate with licensed financial services operators and banks that are willing to work with cryptocurrency. Cook also said that several enterprises were already interested in the upcoming token, but he did not mention their names.


To carry out an operation with Novatti AUD Utility Token, banks will need to apply the KYC identification procedure. Novatti, the developer company, is officially listed on the country’s stock exchange, which will bring customers a lot of confidence, Peter Cook notes.


Previously, the Huobi crypto exchange designed a solution for trading stablecoins.

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