BTC Wires: Havven, a blockchain startup based in Australia, is launching its native stablecoin on the EOS network. The launch is slated to occur around the end of the current year. The firm usually attempts to offer payments across different blockchain networks. Its stablecoin is US dollar-pegged and is naturally, a digital currency linked to a stable asset. This token had been launched over the Ethereum network in June this year.
The startup had stated that its objective in making such a move was to not completely switch the token’s basis network from Ethereum to EOS, but to be able to issue the coin on both the networks, with complete separation between the two. They claim that this will make sure of offering cross-blockchain stablecoins. Kain Warwick, the founder of Havven, further added that it’s imperative to make sure of compability of coins across blockchain networks in order to eliminate any discrimination on the basis of the network that powers the coin. Right now, the digital currency is at a nascent stage which makes it difficult to determine which blockchain networks will ultimately triumph over competitors.
A stablecoin is usually meant to adjust its supply in such a way that when the market shifts in a bid to maintain prices, it manages to escape being volatile. When the market sees shifts in order to maintain a price pegged upon assets such as fiat currencies, stablecoins offer stability and safety, making it more viable for firms and other users. MakerDAO is a stablecoin startup which is presently working alongside Tradeshift, a firm involved in supply chain management. It is trying to use its DAI token that is powered by Ethereum to boost speed of payments in small enterprises.
EOS had formally announced the launch of its eagerly awaited network in June itself. Block.One, which controls the EOS blockchain, has also unveiled plans to utilize a hefty investment fund of $1 billion in order to enhance the efficiency of its existing ecosystem. Reportedly, IBM is also at work alongside a startup known as Stronghold for the launch of a stablecoin on the stellar blockchain.