Alchemint, a new digital currency being built on the NEO chain will begin its token sale on 12th June. The sale is being conducted by the LeekICO platform and the whitelisting process is still open.

Stable coins have been very popular in 2018, as various projects attempt to address the issue of cryptocurrency volatility to encourage their adoption for everyday purchases. Alchemint is one such project, with the difference that it now qualifies as the first stable coin to be launched on the NEO blockchain, with NEO tokens being leveraged to collateralize the Alchemint network.

Plans for Expansion

SDT tokens will be the native tokens on the network and their prices will fluctuate like most cryptocurrencies. Stable coins pegged to fiat currencies will then be issued in exchange for SDT tokens. Initially, a USD pegged token, SDUSD, will be available, but there are plans for stable coins pegged to the Chinese Yuan and the Euro at a later stage.

While some investors have compared the project to Tether, Alchemy will be fully decentralised, unlike Tether itself. Anyone will be able to issue stable coins by mortgaging NEO assets, or other digital assets approved by a governance committee. A system of smart contracts will manage the collateral backing behind each stable coin.

The Alchemist project has a hard cap of $30 million, of which $14 million has already been raised in private sales and a subsequent public pre-sale. The minimum contributions will be 1 NEO and maximum contributions are capped at 50 NEO (c. $2650 at time of writing). Investors from China, Japan, USA, Singapore and Australia are barred from participating.