Klevo Rewards Limited (ASX: KLV) has announced a strategic partnership between its subsidiary, Fly Wallet Pty Ltd, and global digital asset platform Bybit to launch KLV Coin (KLVAUD), an Australian dollar-backed stablecoin. Klevo Rewards is a global provider of customised subscription-based reward and loyalty-based marketplaces for corporates and consumers. The collaboration aims to create an integrated payments and rewards ecosystem, granting access to a substantial and rapidly expanding global user base.
KLVAUD is designed as both a store of value and a rewards instrument within the Klevo ecosystem. Users can acquire KLVAUD by direct purchase through supported platforms, including Bybit, or by earning it through everyday spending via the Klevo/Bybit Mastercard. This includes card-linked cashback rewards, fiat or cryptocurrency purchases of KLVAUD, merchant-funded incentives, and loyalty-based programs. Unlike traditional loyalty programs, KLVAUD can be spent anywhere Mastercard is accepted.
Fly Wallet will issue KLVAUD, pegged 1:1 to the Australian dollar and fully backed by AUD reserves held in segregated accounts with an Authorised Deposit-taking Institution (ADI). Bybit will act as a global distribution partner, facilitating access to KLVAUD, supporting custody, trading, and onboarding, and accelerating adoption across retail and institutional markets. The partnership also entails the launch of a co-branded Bybit KLV Mastercard, enabling seamless spending of KLV Coin at point of sale and real-time conversion of digital assets into fiat currency.
The parties have entered into a heads of agreement (HoA) and intend to progress to definitive agreements. A global marketing rollout is planned, with a minimum annual commitment of AUD $500,000. Klevo expects the partnership to drive adoption of KLVAUD, expand into global markets, and deliver an integrated rewards and payments ecosystem. However, the company notes that the arrangement is at an early stage under a non-binding HoA, so the financial impact cannot yet be quantified.
