Novatti Now Expands Its Stablecoin To XRP Ledger

Key Points:

• Novatti Group Ltd has added XRP Ledger support for its Australian dollar-backed stablecoin AUDD.
• The stablecoin is intended to be used in applications such as remittance, payment gateway, trading pair, and stablecoin-as-a-service.
• Novatti has also recently taken part in a study effort aiming at investigating the applications and advantages of CBDC in Australia.

According to an announcement, Novatti Group Ltd, an Australian payments fintech, has extended its Australian dollar-backed stablecoin AUDD to XRP Ledger.

The AUDD, which was originally published on the Stellar blockchain in November 2022, will be accessible for a direct 1:1 exchange of fiat Australian Dollars through the XRPL. Transactions on the XRPL are both quick (3-5 seconds per transaction) and cheap (fractions of a penny per transaction), making it perfect for the scalability of stablecoins and asset tokenization.

Users may now use AUDD to make payments and trade with other XRPL-based tokens as a result of the extension. Because of the AUDD’s capabilities on the XRPL, people all over the globe may use it to make payments and trade with other XRP-based tokens through the native decentralized exchange (DEX). According to the company, users will be able to access AUDD using any XRPL-enabled wallet.

“Novatti is excited to continue the journey in bringing our stablecoin roadmap to life with the goal to provide faster, more secure payments with lower friction costs to consumers. By deploying AUDD on the XRP Ledger, we will be able to capture the growing demand for digital currencies and create new revenue streams for our business, while delivering on our promise to make our solution available to multiple networks,” Peter Cook, CEO of Novatti Group said in the statement.

Novatti is incorporating AUDD into its current payment suite. According to the company, the stablecoin is intended to fulfill use cases such as remittance, payment gateway, trading pair, and stablecoin-as-a-service.

This latest deployment cements Novatti’s success in employing the XRPL’s native digital currency, XRP, for cross-border transactions.

Novatti used Ripple’s payments solution, which uses XRP as a bridge currency between two fiat currencies, for cross-border remittances between Australia and the Philippines in April 2021.

Novatti’s involvement in the RBA and Digital Finance CRC’s CBDC project, which investigates the use cases for a central bank digital currency in Australia, has contributed to the rising momentum of stablecoin adoption.

Novatti has been able to extend its company into 58 countries and handle billions of dollars in yearly transaction value after using Ripple‘s payments technology. AUDD is also being incorporated into Novatti’s current suite of payment products, where it will be used for remittance, payment gateway, trading pair, and Stablecoin-as-a-Service.

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Harold

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