Ukraine-based crypto exchange firm Kuna has reportedly rolled out a new stablecoin, with value fixed at the exchange rate of the national fiat currency of Ukraine – the Ukrainian hryvnia (UAH).

Specifically, the new stablecoin – officially known as “UAX token” – has a 1:1 exchange ratio to the hryvnia, and will be built upon the Ethereum blockchain, as revealed by Kuna exchange on Feb. 20.

Currently, the open beta testing phase for UAX has been initiated, with a group of specifically chosen Kuna clients, and ends on March 20th this year. The primary goal of this phase is to carry out integration with market players, technical testing on decentralized finance platforms, along with conducting study into the “latest economic theory,” the firm claimed. 

Kuna founder –  Michael Chobanian – will be officially introducing UAX to the general audience at the industry conference “BlockchainUa” 2020 in March.

Kuna has gone down in the book as the first-ever exchange to release a hryvnia-pegged stablecoin. He also mentioned the unfinished project Ukraine’s central bank, which has not been able to be something else other than research, to run a pilot test for a national cryptocurrency – the e-hryvnia – in February last year. 

“So far there is no regulation. But we are the drivers of the process in the country. So at some time in the future there will be laws that will clarify the process. At the moment we use Kuna’s infrastructure. Once the law will be in place we will separate Kuna from the stablecoin operator reserve.fund.” Chobanian clarified, revealing that Kuna will use its infrastructure to keep track of regulation, due to the lack of it in Ukraine at the moment.