Novatti Group Limited, a leading Australian payments fintech company, has announced the expansion of its Australian dollar-backed stablecoin, AUDD, to the XRP Ledger.
As outlined in a June 13 release, this move marks the integration of AUDD with the XRP Ledger following its initial launch on the Stellar blockchain in November 2022.
With the integration, AUDD can now be swapped for 1:1 AUD via the XRP Ledger. This development allows users worldwide to utilize AUDD for payments and trading with other XRP-based tokens through the native decentralized exchange (DEX). User accounts will have access to AUDD through any XRPL-enabled wallet.
Novatti’s AUDD targets growing digital currency demand
According to the announcement, Novatti aims to enhance its suite of payment tools by integrating AUDD, designed to cater to various use cases such as remittance, payment gateway, trading pair, and stablecoin-as-a-service.
The company seeks to capture the growing demand for digital currencies and generate new revenue streams while fulfilling its commitment to provide its solution across multiple networks.
Peter Cook, the CEO of Novatti Group, expressed enthusiasm about deploying AUDD on the XRP Ledger, emphasizing the ability to meet the increasing demand for digital currencies and explore new business opportunities.
Cook also highlighted the company’s track record with Ripple, as Novatti had previously leveraged Ripple’s payments solution for cross-border remittances between Australia and the Philippines. This collaboration enabled Novatti to expand its operations to 58 countries and process billions of dollars in annual transaction value.
In addition to its partnership with Ripple, Novatti recently participated in a research project focused on exploring the benefits and use cases of a central bank digital currency (CBDC) in Australia.
The initiative, led by the Digital Finance Cooperative Research Centre (DFCRC) and the Reserve Bank of Australia (RBA), involved Novatti issuing eAUDD, a stablecoin fully backed by the pilot CBDC issued by the RBA.