New Stablecoin Tied to Australian Dollar Is Launching on Stellar’s Blockchain

A new stablecoin is launching on the Stellar blockchain that’s designed to hold its value with the Australian dollar (AUD) and is being pitched for consumer and business uses.

Announced Tuesday at the Money 20/20 conference in Las Vegas, Novatti Group, an Australian online payments processor, will issue the Novatti AUD Utility Token beginning on November 19. The token will be backed 1-for-1 with AUD held in a trust.

While traditionally, stablecoins have been a tool for cryptocurrency traders to move money quickly between exchanges, Novatti envisions its token being used for more common use cases, like remittances or purchases.

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