Novatti Group Limited, a leading Australian payments fintech company, has announced that they have added their stablecoin, AUDD, to the XRP Ledger.
This move comes after AUDD was introduced on the Stellar blockchain in November 2022. By integrating AUDD with the XRP Ledger, users can now exchange AUDD for Australian dollars (AUD) at a 1:1 ratio.
The integration allows users to use AUDD for payments and trading with other XRP-based tokens through the native decentralized exchange (DEX). Any XRPL-enabled wallet can access AUDD.
Novatti’s AUDD aims to meet the increasing demand for digital currencies
The company hopes that by integrating AUDD, they can enhance their payment solutions, supporting use cases such as remittance, payment gateway, trading pair, and stablecoin-as-a-service. Novatti wants to capitalize on the growing demand for digital currencies. They aim to create new revenue streams while delivering its solution across multiple networks.
Peter Cook, CEO of Novatti Group, expressed enthusiasm about deploying AUDD on the XRP Ledger. He highlighted the ability to meet the rising demand for digital currencies and explore new business opportunities.
However, Cook also emphasized Novatti’s previous partnership with Ripple. They used Ripples’s payments platform to facilitate cross-border transfers between Australia and the Philippines.
This collaboration allowed Novatti to expand its operations to 58 countries and process transactions worth billions annually. In addition to its partnership with Ripple, Novatti recently participated in a study investigating the benefits and use cases of an Australian Central Bank Digital Currency (CBDC).
As part of the project, Novatti released eAUDD, a stablecoin fully backed by the pilot CBDC issued by the Reserve Bank of Australia (RBA). The Digital Finance Cooperative Research Centre (DFCRC) and the RBA guided the study.
