- The Novatti Group has partnered with Stellar to launch the Novatti AUD utility token
- The token will launch on the 19th of November and will be pushed for consumer and business needs
A new Australian Dollar-backed stable coin will be created on the Stellar blockchain, according to an announcement at the Money 20/20 conference in Las Vegas. The announcement was made by Novatti Group, an Australian online payments processor who, from the 19th of November 2018, will begin to issue Novatti AUD Utility Token. The token will be backed up with AUD in a trust and will be marketed for both consumer and business needs.
This is a bit of a departure from usual practices in which tokens are used to move funds between crypto exchanges. This token is being primed to be used for more ‘real world’ purposes like remittances.
“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.” Said Peter Cook, Novatti’s managing director.
Novatti is a payment processor that currently handles payments for Vox Telecom in Europe and MoniSend in South Africa.
A number of Novatti clients are reportedly interested in the use of the tokens and once they launch, more information will be given.
“We will be working with licensed money service businesses, banks and enterprises, who want access to digital assets,” Cook said.
10 stablecoins on Stellar
According to Lisa Nestor of the Stellar Development Foundation, Stellar already supports about 10 stablecoins with there being requests for more to be added.
“There are network effects here,” Nestor said. “It took us almost a year to get our first two currency anchors on the network. But then each time we add another one, it makes it easier to add one more.”
Stellar recently saw the launch of StellarX, the world’s first zero-free decentralized exchange.
Stellar is also currently in a partnership with IBM to develop a cross-border payment platform that will allow instant transactions.
It will take a while to see how this new token will be received in the market, but with the clients of Novatti already showing interest, all signs point to it being a success.