By The popularity and love for stablecoins continue to grow and since Tether (USDT) started the craze there have been many stablecoins emerge from all corners of the globe. Even though the recent controversy around Tether which saw the dollar-backed crypto drop below $1 which obviously should not happen as each coin is meant to be backed by a dollar, other stablecoins on the market continue to shine.
Australia’s Stablecoins on Stellar Network:
The latest stablecoin to join the fray was just announced by a payment tech company from down under in Australia. The Novatti Gropu first announced their stablecoin during the Money 20/20 conference and the coin will be dubbed the Novatti AUD Utility Token with an expected launch set for next month on the 19th of November.
The coin will also be launched on the Stellar blockchain and will be available to businesses and consumers and as with all stablecoins it will be attached to a fiat this, of course, being the Australian dollar.
As we know, stablecoins used to be used as a means for crypto traders to move funds between various exchanges but Peter Cook, one of Novatti;s Managing Directors argues that the company is quite optimistic with regards to their new endeavor and believes that consumers will, in fact, use them for purchases and in addition to this the stablecoin will be utilized to pay bills as well as other required services.
How is this possible? Well, it’s due to the fact that Oz is far more crypto-savvy and friendly than that of other nations at the moment. The country, in fact, has already recognized Bitcoin as legal tender, over a year ago back in September 2017. Adding to that, our mates down under also fully support blockchain technology with many blockchain-based companies registering since January this year.
The Rise Of The Stablecoin:
In the aftermath of the recent Tether debacle, countless exchanges around the world, Australia included have been on the hunt for fresh stablecoin alternatives. Stablecoing popularity has skyrocketed so much that many companies have launched their own fiat-backed coins. Companies such as Coinbase, Circle, Paxo as well as the Winklevoss Twins’ Gemini.
Novatti’s decision to launch their coin on Stellar is a smart move if you consider the fact that the altcoin is a known supporter of dollar-backed coins as well as international payments, Stellar is also home to many currencies but the Novatti AUD Utility Token will be it’s very first stablecoin.
Novatti itself is a world-renowned licensed payment distributor with its services being offered to a myriad of clients around the globe with names such as the likes of European Vox Telecom and MoniSend from South Africa. Since Novatti’s announcement of their new stablecoin, several new companies have reached out to the Australian company out of interest in their offerings and services.
Cook went on to add that Novatti has plans to collaborate with other money service businesses including large companies as well as banks which have expressed interest in using Novatti’s new asset. Cook, however, did not divulge any names of any interested parties just yet.
That being said, Novatti is considered to be quite the reputable financial company and is listed on the Australian stock exchange, this alone is a clear indication that their stablecoin offering is to be a trustworthy digital offering.
Have you considered investing in any stablecoins? Let us know your thoughts on the advent of stablecoin offerings by leaving a comment below.
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