At the Money 20/20 conference in Las Vegas Novatti Group, an Australian online payments processor, announced that it plans to issue the Novatti AUD Utility Token beginning on November 19. The token will be backed 1-for-1 with AUD held in a trust.
Novatti, a licensed payments distributor, processes payments for such clients as Vox Telecom in Europe and the South African remittance provider MoniSend.
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.
The news comes as competition among stablecoins heats up, with several new U.S. dollar-pegged tokens launching this year, including Circles USD//Coin (USDC), TrustTokens TrueUSD (TUSD), Paxos Paxos Standard Dollar (PAX) and the Winklevoss brothers Gemini Dollar (GUSD).
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