THAT

THAT (THAT) is a consumer-oriented digital currency designed for real-world peer-to-peer and point-of-sale merchant payments, managed by the Australian entity THAT COIN PTY LTD across Ethereum and Polygon PoS. The project maintains active off-chain development and product updates through proprietary consumer wallet and merchant tooling, though core software remains closed-source and public repositories lack substantial original code. Tokenomics are structured around a capped supply of 3.3 billion tokens with an 18-month vesting schedule for presale allocations, but utility lacks direct protocol fee accrual or automated deflationary mechanics, concentrating supply across project-controlled reserves. The project faces typical adoption and liquidity hurdles in the competitive digital payments sector, reflected in a micro-cap valuation of ~$3.4M and thin daily trading volumes. Governance is centralized under its corporate issuer without DAO mechanisms, and the founding team maintains a low-profile posture. On security, no historical hacks, exploits, or hostile delistings were identified, though smart contracts lack independent third-party audits. Overall, no qualifying red-flag events were established.