Klevo Rewards (ASX:KLV) has raked in more than A$1.7 million after a fourteen-day trial period launching its stablecoin platform, announced in June.
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A stablecoin typically refers to a crypto “coin” officially recognised as having a fixed value, often 1:1 with that country’s dollar. The ‘Tether’ stablecoin, which is at par with the U.S. dollar, effectively acts as a stabilising force in a highly volatile online crypto marketplace – or a stablecoin, for short.
By launching a temporary stablecoin across a 14-day commercial trial, Klevo reported on Monday that it generated US$1.22M in gross revenue.
“The successful trial demonstrated the platform’s ability to process significant transaction volumes and provides commercial validation of Klevo’s stablecoin-based payment and financial services capability,” Klevo wrote Monday.
“Following the completion of the trial, the Company is now working with its commercial and technology partners to finalise the operational, compliance and technical requirements for a broader commercial rollout.”
Last month, Klevo put its intention out there that it wants ‘KLVAUD’ to be a registered stablecoin with the Australian regulator ASIC, at 1:1 with the AUD.
“The Company expects margins to improve as transaction volumes increase and these establishment costs are spread across the broader commercial rollout,” Klevo added.
KLV last traded at 4.6cps.
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