The trend of the stablecoins (stable cryptocurrencies) arrived in Australia. Two players from the crypto-active sector in that country partnered to create and launch the first stable cryptocurrency backed by Australian dollars.
The project is a Bit Trade cryptocurrency exchange initiative, which operates in Australia since 2013, and the blockchain platform of Emparta jobs. In a statement, Bit Trade points out that the new stablecoin would increase the confidence of traders and investors, accelerate adoption and serve as the basic structure for blockchain-based financial applications in Australia.
Stable cryptocurrencies are cryptoactive designed to maintain a constant price, linked to a stable fiduciary currency or collateralized with products. This type of asset seeks to offer the positive aspects of cryptocurrencies, such as speed, globalization and decentralization, without the underlying volatility. The best-known cryptocurrency in this category is the dollar tether (USDT), which is linked, in a one-to-one relationship, with the US dollar.
Australian firms are already developing the prototype for the new stable cryptocurrency, which could be ready in about five weeks, according to James Hill, co-founder of Emparta. Hill also said that the launch of the cryptoactive is scheduled for 2019.
Although a name has not yet been disclosed for the stablecoin, it was known that it will be a central part of the Emparta Employment Infrastructure, Identity and Payments platform, as pointed out by the general director and co-founder of Bit Trade, Jonathan Miller.
For his part, the general manager of Emparta, Adam Sarris, said that "the need for a reimbursable currency backed by the Australian dollar is essential for a broader adoption of the digital currency market in Australia and the world."
Emparta reported on his blog that the API (Application Programming Interface) of his stablecoin will allow partner platforms to generate currencies directly to an individual portfolio, a DApp or even an intelligent contract, through fiduciary deposits to the Infrastructure of the Treasury of Emparta. The first treasury will be located in Australia, indicated in the publication.
THE POPULARITY OF THE STABLECOINS
The creation of stable cryptocurrencies has acquired a kind of fury recently. A couple of days ago the intention of the Chinese investment group Grandshores Technology Group, to undertake a project for a stable cryptocurrency linked to the Japanese yen.
Also, two weeks ago, the Department of Financial Services of the State of New York (NYDFS) authorized the issuance of two new stable cryptocurrencies linked to the US dollar. One of these projects, the Gemini Dollar (GUSD) cryptocurrency, belongs to the startup Gemini Trust Company, owned by the well-known twins Tyler and Cameron Winklevoss.
In August, the Union Bank of the Principality of Liechtenstein announced that it will issue a stable cryptocurrency backed by the Swiss franc, which would become the first cryptoactive issued by a regulated banking entity.
BY: Criptonoticias