Australian financial services provider Novatti Group announced the release of stabilin secured the Australian dollar, on the basis of the blockchain Stellar.
About a new product Novatti representatives of the Group spoke at the conference, Money 20/20 in Las Vegas. Stablein will be called Novatti AUD Token Utility, and its release will begin on November 19. Currency will be provided to the Australian dollar at a ratio of 1:1, and Fiat reserves will be kept in the trust Fund.
Basically stabilini is considered as a convenient tool for quickly moving money between exchanges, however, Novatti offers to expand the range of applications of this type of cryptocurrency. So AUD will have to be used actively in the remittance or payment of purchases.
“We think people will use stabilini to facilitate the purchase of goods from the Austrian entrepreneurs as well as paying their bills or stay in the country,” said Peter cook (Peter Cook), managing Director Novatti.
Novatti provides billing services to such customers as the telecommunications company Vox Telecom in Europe and payment system MoniSend in South Africa. According to cook, not only customer base but also other organizations showed interest in the new stabilio.
“We will work with registered financial services, banks and enterprises that want to access digital assets,” added cook. “Since we are a company officially registered on the stock exchange, customers can be sure that you can trust us”.
Interestingly, Novatti is coming out with a new stabilium at a time when the competition between cryptocurrencies this species seems to have reached its peak. First, this year was launched a few all coin, provided the us dollar: from USDC Circle, TUSD TrustToken from, PAX from Paxos and GUSD from Gemini. About plans to become the issuers of stable coins also said a number of major cryptocurrency companies. Second, in light of recent events with the fall in the value of the most popular stablein Tether, the new currency got a boost to the development and increased volume of turnover.
As mentioned above, the token from Novatti will operate on the basis of the blockchain Stellar. And even in this regard stablein there are competitors: the Stellar network of support for at least ten of these cryptocurrencies, including the token, developed by a startup Stronghold, in conjunction with IBM. As said the Director of partnerships, Stellar Lisa Nestor (Nestor Lisa), here is the network effect, which in Stellar continues to receive requests to create a token that is supported by Fiat, mostly from communities close to the company.
So the cryptocurrency industry is becoming more favorable to stabilium. Despite the recent price fluctuations in Tether, many continue to believe that the use of such all coin — the best option for a fast and cheap money transfers.
It should be noted that the token AUD will be the first stabilium on the blockchain Stellar, not backed by the us dollar, and Australian. However, in General, the market Novatti the palm will not take. In September, the Australian stock exchange Bit Trade announced that it will release stablein together with the platform at the digital recruitment Emparta in 2019. The token will have to facilitate the payment by employers of wages to Emparta users.