Market Cap
24h Vol
7051
Cryptocurrencies
76403
Markets
2020-02-24

Ukrainian Stablecoin

In the apparently first Ukrainian cryptocurrency, Kuna issued a stable coin linked to the local currency fiat, the Ukrainian hryvnia (UAH).

The UAX chip, the new stablecoin, is pegged to the hryvnia in a 1:1 ratio and is based on the blockchain Ethereum, according to an official statement of the Kuna Stock Exchange on 20 February.

According to Kuna, UAX is now being tested by selected Kuna users in an open beta that will run until March 20, 2020. The aim of the first phase of UAX implementation is to integrate with market players, technical tests on decentralised financial platforms, as well as research into "the latest economic theory".

UAX will be publicly presented by Kun founder Michael Chobanian at the local industry conference BlockchainUa 2020 in March.

Ukraine's first stablecoin is launched in the face of alleged regulatory uncertainty

Kuna's position is the first entity to introduce a hryvnia stabilizer to the market. However, the founder of Kuna mentioned that in February 2019 the central bank of Ukraine piloted its national digital currency - the e-hryvnia.