Reports have revealed that the Stellar blockchain which is pegged to the Australian Dollar (AUD) will be used to launch a new stablecoin. Its value will be kept in a manner similar to how traditional stable coins have utilized the USD as a reference as well as being backed by the fiat currency. Here, this new Novatti Group-stablecoin, will also have the backing of the Australian Dollar (AUD).
Peter Cook (Novatti’s Managing Director) in an interview with Coindesk during the just concluded Money 20/20 event that took place in Las Vegas, explained his vision for the coin saying that: “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 for services inside of Australia.”
Stellar (XLM) Price Today – XLM / USD
Mr Cook, regarding the bank the firm plans to work with, to follow up the new venture, said that: “We will be working with licensed money service businesses, banks and enterprises, who want access to digital assets. Novatti is a publicly listed company, it’s listed on the Australian stock exchange. So that should give [users] a lot of trust.”
This new stablecoin will be added to a list of other stablecoins which includes Paxos Standard Dollar (PAX), Tether (USDT), Circle’s USDC, Gemini Dollar (GUSD), Huobi’s HUSD, and the TrueUSD (TUSD).
Novatti is a global software technology and systems integration provider focused on the demand for alternative methods for the swift transfer of money.
The services rendered by Novatti makes it possible for telco, financial and other network service providers to offer a strong value proposition within their ecosystem and target market. The systems integration provider is a licensed payments distributor that processes payments for firms like Vox Telecom and South African remittance provider of MoniSend.
In terms of overall market cap, the Stellar project currently stands at sixth place. After suffering a 26% price decline in the last 90 trading days, Its total market cap currently stands at $4.37 billion. At present, Stellar trades at a price that is 72% lower than the all-time high price.
Over the past 24 hours of trading, Stellar has seen a small price decline totaling -1.79%. The cryptocurrency is presently changing hands at a price around $0.2311 on exchanges, after seeing a further -3.6% decline in price over the past seven days.