In the recent blockchain news, we have Stellar and its blockchain which recently got a new stablecoin that is designed to hold its value with the Australian dollar (AUD) and is right now being pitched for consumer and business uses.
Originally announced at the Money 20/20 conference in Las Vegas, the new stablecoin will be issued by Novatti Group, an Australian online payments processor. The Novatti AUD Utility Token will begin its sale on November 19th and will be backed 1-for-1 with the AUD held in a trust.
Traditionally, stablecoins have been a cryptocurrency that is pegged to the value of a dollar – but in this case – the Novatti AUD token will be pegged to the Australian dollar. With this, Novatti envisions it being used for more common use cases such as remittances or purchases.
The managing director of the company, Peter Cook, recently stated:
“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.”
Currently, Novati is a licensed payments distributor that processes payments for clients such as Vox Telecom (Europe) and MoniSend (a remittance provider in South Africa). As Cook announced, Novatti’s clientele will expand and will be mostly comprised of “licensed money service businesses, banks, and enterprises, who want access to digital assets,” which will give the company’s users a great deal of trust.
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