Blockchain Startup Havven to Launch Stablecoin on EOS This Year

A blockchain startup that sets out to offer cross-blockchain payments has announced it is planning to bring its existing stablecoin - a cryptocurrency tied to a stable asset - to the EOS network.

Called Havven, the Australia-based project said in a release on Wednesday that it is expecting to issue its nUSD stablecoin on EOS by the end of this year.

The goal, the startup said, is not to switch the token's fundamental network from ethereum to EOS, but to issue nUSD on both networks separately - a mission it claims will "Offer cross-blockchain stablecoins."

A stablecoin is typically designed to adjust its supply as the market shifts in order to maintain a price pegged to an asset such as a fiat currency, providing a lack of volatility makes it easier for businesses or users to adopt.

Stablecoin startup MakerDAO is currently working with supply chain management firm Tradeshift to use its ethereum-based DAI token to help speed up payments for small businesses.

Havven's effort comes after EOS officially announced its long-awaited network launch in June.

One, the entity behind the EOS blockchain has also revealed a $1 billion investment fund to facilitate the growth of its ecosystem.

IBM is also working with a startup called Stronghold to launch a stablecoin on the stellar blockchain.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.