Klevo Rewards (ASX:KLV) said it plans to launch a trial of its KLVAUD Australian dollar-backed stablecoin by June 30, according to a Monday filing with the Australian bourse.
The company's Fly Wallet subsidiary received legal advice indicating that the stablecoin may qualify as an eligible stablecoin under the current regulatory framework, subject to conditions, per the filing.
KLVAUD is planned to be fully backed one-to-one by Australian dollars held in segregated reserve accounts, and aims to support Fly Wallet's broader payments system, the company said.
Klevo Rewards shares fell 4% in recent Monday trade.
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