Australian Dollar-Backed Stablecoin Coming Soon
September 24, 2018
Australia-based crypto trading platform Bit Trade and blockchain startup Emparta have declared to be working on a new cryptocurrency backed by the Australian dollar. The launch of the coin is expected to happen within the next year.
Bit Trade CEO Jonathon Miller said, AUD-stablecoin is very likely to take its position at the market as it will function as a buffer to reduce currency volatility:
“Stablecoins solve one of the principal issues that may drive investors seeking steady returns and merchants that currently accept traditional currency away from digital currencies: volatility. We believe that stablecoins will boost trust, accelerate wide-spread adoption, and could function as the backbone of blockchain-based financial applications, especially here in Australia given the favourable regulatory environment.”
Now the company is reported to develop coin prototype and is going to complete it within a month. As the Emparta official blog says, currency reserves will be held on the territory of Australia.
Remember that quite recently Gemini crypto exchange owners The Winklevoss twins announced launching their own cryptocurrency. Gemini Dollar (GUSD) will be backed by USD and function with support by the Federal Deposit Insurance Corporation (FDIC).