Havven, the Australian-built stablecoin cryptocurrency, announced on Saturday the official launch of eUSD, an ERC20 token designed to hold a stable value of one US dollar and act as a payments and remittance platform worldwide. eUSD can be redeemed directly for ETH, and Havven intends to use the initial release of the token to collect data to refine and strengthen the network. eUSD is currently backed by Ethereum, but will eventually be supported by the value of the Havven network. Havven closed a successful USD 30 million token sale in February, which, according to the company’s statement, is largest of any Australian blockchain-based startup to date.
The Havven platform uses two tokens to achieve a stable value for eUSD, said the company, in a statement. The havven token, sold in the initial coin offering (ICO) stage, acts as the collateral for the system, while nomin tokens – currently represented by eUSD – are issued by Havven token holders who lock up their supply as collateral. The supply of nomins is controlled by these staked tokeholders, to maintain the nomins values pegged to different existing fiat currencies, who receive transaction fees from the use of nomins in payments and transactions.
Havven Founder Kain Warwick said, in a statement, “After any token sale, it is vital for a project to prove that they can deliver quickly on the product they promised. The launch of eUSD demonstrates that we are committed to releasing a working version of the platform as soon as possible, to meet the need of a decentralised payment network and stablecoin.”
In a statement, Havven said it plans to launch Havven-backed nomins by June 2018. Havven also stated that an eStore compatible with eUSD is planned for launch soon to demonstrate the viability and ease of the payment system. Releases are planned for Havven-backed nomins for additional currencies, including EUR, AUD, YEN, and GBP, before the end of 2018.