This is the working title for a project that is a stablecoin technology that links $1 in crypto AusTether to $1 stored in an audited bank account.

A stable coin is a cryptocurrency which does not have a floating value but rather is locked to a specific fiat currency or commodity. In this case AusTether is linked to Australian dollar on a 1:1 basis.

The project is progressing steadily with important components being gradually added. Unlike traditional crypto currencies, AusTether needs to mimic Australian currency usage rules and limitations such as KYC and transaction reporting involving amounts larger than specific ceilings.

Ric is exploring how to provide these digital capabilities to mimic what the RBA requires from physical currency users.