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Australian Blockchain Startup Havven to Issue US Dollar-pegged Stablecoin on EOS

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by Julia Sakovich · 3 min read
Australian Blockchain Startup Havven to Issue US Dollar-pegged Stablecoin on EOS
Photo: Havven / Twitter

The Australia-based project called Havven is going to issue its already existing nUSD stablecoin on EOS by the end of the current year.

Havven, a decentralized cross-blockchain payment network based in Australia, is said to bring nUSD, its existing stablecoin tied to the US dollar, to the EOS network. It is planned to carry out this initiative by the end of the current year.

The U.S. dollar-pegged token was launched by Havven on the Ethereum network in June. It became the first stablecoin in the Havven system. Kain Warwick, the founder of Havven, strongly believes that their nUSD has a real potential to fill the gap that exists in the cryptocurrency ecosystem. According to him, stablecoins is the best solution to address price volatility which remains one of the most serious unsolved issues of the crypto industry.

Commenting on the release of nUSD, Kain Warwick said:

“The release of nUSD is a major addition to the stablecoin space, which is still waiting for a scalable and decentralized design. The backing we have received throughout the industry shows that people can see in the problem and believe in our solution.”

It is interesting to note that now startup is not going to change its token’s fundamental network from Ethereum to EOS. The main goal of issuing nUSD on both networks separately, as it is explained by the startup, is to offer cross-blockchain stablecoins.

In the Warwick’s opinion, now the cryptocurrency industry is still not mature enough and there is little understanding which of existing blockchains will manage to grow and to win leading positions. It is the main reason why these cross-blockchain stablecoins are so badly needed today. He said:

“For this reason, it’s important that projects providing blockchain infrastructure plan to provide cross-chain compatibility, so their success isn’t bound to the success of whatever chain they’ve chosen.”

Typically, stablecoins are developed to adjust their supply if it is demanded by the changing market conditions with a view to maintain their price which is directly tied with such an asset as a fiat currency. Thanks to a lack of volatility, it is much more convenient for companies and users to adopt them in comparison with common cryptos.

At the press time, according to the data provided by CoinMarketCap, nUSD is traded at $0.999412 having gained 0.23% over the last 24-hour period.

Recently, it has been also announced that Havven is going to port its software to the EOSIO platform and to airdrop its Havven Tokens within the framework of its EOSIO launch. Such a move is planned by Havven as a part of its main strategy to support a number of blockchains. According to Kain Warwick, with its scalability, transaction volume and growing DAPP ecosystem EOSIO fully corresponds to Havven’s vision.

Nowadays, more and more projects are introducing their stablecoins with a view to provide users with an increased level of reliability and transparency. For example, in July, it became known that Goldmint, the creator of GOLD cryptoasset, would soon launch its own stablecoin.

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