Novatti’s Australian Dollar-backed stablecoin (AUDD) is live on the XRP Ledger

Novatti’s Australian Dollar-backed stablecoin (AUDD) is live on the XRP Ledger

Novatti Group Limited (ASX:NOV), a leading fintech enabling businesses to pay and be paid, has announced that its 1:1 fiat-backed stablecoin, AUDD, is now live on the XRP Ledger (XRPL), an open-source, energy efficient, and decentralised blockchain.

AUDD will be available for a direct 1:1 swap of fiat Australian Dollars, via the XRPL. Transactions on the XRPL are both fast (~3-5 seconds per transaction) and low cost (fractions of a cent per transaction).

AUDD’s functionality on the XRPL means users around the world can utilise AUDD to make payments and trade with other XRP-based tokens via the native decentralised exchange (DEX). User accounts will be able to access AUDD through any XRPL-enabled wallet.

This new deployment marks a further strengthening of Novatti’s success with using the XRPL’s native digital asset, XRP, for cross-border transactions. In April 2021, Novatti also tapped Ripple’s On-Demand Liquidity service, which also leverages XRP as a bridge currency between two fiat currencies for cross-border remittances between Australia and the Philippines.

Peter Cook, CEO of Novatti Group, said, “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.”

The growing momentum of stablecoin usage follows Novatti’s participation in the RBA and Digital Finance CRC’s CBDC pilot, which explores the use cases for a central bank digital currency in Australia..

AUDD is being integrated into Novatti’s existing suite of payment solutions and is designed to meet a range of use cases, including remittance, gateway, trading pair and Stablecoin-as-a-Service.

Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of Novatti Group Limited.