Havven Launching First Decentralised Multicurrency Stablecoin
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This month, Havven will launch the first decentralised stablecoin system in a variety of currencies all backed by a single cryptoasset collateral pool. The first batch of currencies released includes the Euro (nEURO), Japanese Yen (nJPY), Korean Won (nKRW), the Australian Dollar (nAUD), and gold (nXAU).
These new stablecoins will complement Havven’s USD-pegged stablecoin, nUSD, which launched in June this year, and further currencies will be added in the near future. Havven uses a novel stability mechanism in which its stablecoins, nomins, are backed by collateral tokens, HAV. HAV holders receive fees generated by nomin transactions.
Decentralised stablecoins can be used to make stable payments and provide a censorship-resistant alternative to fiat-backed stablecoins such as Tether. A decentralised stablecoin denominated in a variety of currencies will enable adoption in many countries that do not use USD as their unit of account, and will also open up new forex trading possibilities.
Havven’s ability to support synthetic assets in different currencies is enabled by its ability to track the debt of each participant (i.e. the ratio of stablecoins to locked collateral) without needing to adjust the debt individually for every change, such as fluctuating currency values and HAV holders entering or exiting the system.
Future nomin currencies to be launched will include nCNY, nGBP, nBTC, and nETH. Another currency will also be decided in a community vote by HAV holders.
A date for the first release has not been announced, but it is expected in late November.
Havven is a cryptoasset-backed stablecoin that launched in 2018. Major backers include BlockTower, BlockAsset, GBIC, AlphaBlock Investments, and Astronaut Capital.
Havven was founded by Kain Warwick, co-founder, and CEO of Blueshyft, a retail payment network of over 1250 locations across Australia. blueshyft has become the largest cryptocurrency payment gateway in Australia, processing tens of millions of dollars in transaction volume.