June 5, 2023

Kuna exchange introduced UAX stablecoin UAX

The Ukrainian cryptocurrency exchange Kuna has released stablecoin UAX, tied to the Ukrainian hryvnia in the ratio 1: 1. UAX beta testing will last until March 20, 2020.

New stablecoin created on the basis of blockchainEthereum, therefore UAX will support the core standards of ERC-20 and ERC-865. The first issue of UAX will be 1 million coins, and the first stage of the introduction of stablecoin provides for integration with market players, technical testing on decentralized financial platforms, and research in the framework of the “latest theory of economics”.

For binding to Ukrainian state currencyKuna plans to implement the Proof-of-Reserve audit method (proof of reserve), which is used by many large cryptocurrency exchanges, including the Kraken exchange. The Proof-of-Reserve scheme is designed to conduct an independent audit with cryptographic verification. This guarantees the availability of reserves of client funds in full.

Stablecoin will be publicly represented by the founderKuna exchange by Mikhail Chobanyan at the BlockchainUa 2020 conference to be held in March. According to Chobanyan, Kuna will be the first exchange to issue a stablecoin tied to the hryvnia. The head of Kuna also mentioned a pilot project of the Central Bank of Ukraine on the issue of electronic hryvnia, which is still at the research and testing stage.

Regarding UAX regulation, Chobanyan saidthat Kuna will use its own infrastructure for regulatory control until the relevant cryptocurrency regulation laws are enacted in the country. Recall that in November the Maltese division of the Binance exchange offered its assistance to the Ukrainian government to develop new rules to establish a more clear legal status of cryptocurrencies in the country.