Blockchain News

Australian Payments Firm Novatti Expands its AUDD Stablecoin to XRP Ledger

Novatti Group Limited, a leading fintech company in the Australian payments industry, has expanded its stablecoin called AUDD to the XRP Ledger. This exciting development was announced in a press release received by CryptoSlate. Initially launched on the Stellar blockchain in November 2022, AUDD can now be exchanged with the Australian dollar (AUD) through the XRP Ledger.

With this expansion, users can now utilize AUDD for various purposes, such as making payments and trading with other tokens based on the XRP Ledger. The fintech firm emphasized that AUDD can be accessed through any XRPL-enabled wallet, offering convenience to its users.

Novatti is integrating AUDD with its existing suite of payment tools, providing a seamless experience for its customers. The stablecoin has been specifically designed to cater to various use cases, including remittance, payment gateway services, trading pairs, and stablecoin-as-a-service.

Peter Cook, the CEO of Novatti Group, expressed his enthusiasm about the deployment of AUDD on the XRP Ledger. He highlighted the company’s aim to meet the increasing demand for digital currencies and create new revenue opportunities while ensuring their solution is accessible across multiple networks.

This collaboration between XRP and Novatti is not their first venture together. In April 2021, Novatti utilized Ripple’s On-Demand Liquidity service, leveraging XRP as a bridge currency for cross-border payments between Australia and the Philippines.

Additionally, Novatti recently participated in a research project exploring the potential use cases and benefits of a central bank digital currency (CBDC) in Australia. The project was a collaboration between the Digital Finance Cooperative Research Centre (DFCRC) and the Reserve Bank of Australia (RBA). As part of the pilot project, Novatti issued eAUDD, a stablecoin fully backed by the RBA’s CBDC.

The expansion of AUDD to the XRP Ledger marks another milestone for Novatti Group Limited, enabling them to tap into the growing demand for digital currencies. By embracing innovative technologies and forging strategic partnerships, Novatti is positioning itself as a leader in the fintech space and ensuring its solutions’ availability across diverse networks.

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