Stablecoins issued by financial institutions and banks remain of great interest. In Australia, a new stablecoin is being tested for micro transactions. Developed by Eftpos Payments Australia, it makes use of technology provided by Hedera Hashgraph.
More Stablecoin Action
In the cryptocurrency world, there has been a steady influx of stablecoins and pegged currencies. Most of them are linked to the US Dollar, as that is the world’s leading currency in the financial sector. Every now and then, a new project will pop up that tries to do something entirely different.
In this case, it is a stablecoin linked to the Australian Dollar. Eftpos Payments Australia and Hedera Hashgraph see merit in this particular project. Their joint goal is to determine the viability of a digital Australian dollar for micropayments.
More specifically, the main order of focus is to determine if such a stablecoin is feasible to purchase online content. Whether it is bypassing newspaper paywalls, or paying for streaming services, there are many different options to explore.
It is remarkable to see a major debit card player explore stablecoin options. Even so, Etfpos has been looking for ways to modernize payments across Australia. Micropayments can play a crucial role in this particular segment.
Choosing Hedera Hashgraph as a Partner
There would be quite a few companies capable of providing the distributed ledger technology for micropayments. Eftpos opts for Hedera Hashgraph, which is a remarkable choice. According to the company, Hedera provides the next generation of payments infrastructure technology.
Using Hedera’s network will allow Eftpos to come to market quicker than other potential companies looking to explore stablecoin options. In the end, it all comes down to creating a fast, secure, and affordable micropayment solution. Whether that will involve a digital Australian Dollar, is anyone’s guess at this point.