Novatti Group Limited, a prominent fintech company facilitating seamless transactions, has announced the successful launch of its fiat-backed stablecoin, AUDD, on the XRP Ledger (XRPL).
This blockchain, known for its open-source nature, energy efficiency, and decentralized structure, is now home to AUDD, which maintains a 1:1 peg with the Australian Dollar.
Novatti’s Successful Utilization of XRP for Cross-Border Transactions
With AUDD’s integration into the XRPL, users worldwide gain access to many opportunities for payments and trading with other XRP-based tokens via the native decentralized exchange (DEX).
The attractiveness of this deployment lies in the XRPL’s impressive transaction speed of approximately 3-5 seconds per transaction, accompanied by its low cost, which amounts to fractions of a cent.
Novatti’s decision to utilize the XRPL stems from its previous success in leveraging the platform’s native digital asset, XRP, for cross-border transactions.
In fact, back in April 2021, Novatti employed Ripple’s On-Demand Liquidity service, employing XRP as a bridge currency to facilitate seamless cross-border remittances between Australia and the Philippines.
Expressing his enthusiasm for this latest development, Novatti Group CEO Peter Cook stated:
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, Novatti aims to cater to the increasing demand for digital currencies while generating additional revenue streams for the business.
Simultaneously, Novatti remains committed to making its solution available across multiple networks, reinforcing its promise to offer inclusive and accessible financial services.
Ripple’s Perspective: Bringing Fiat On-Chain Is Just The Beginning
On June 12th, Ripple, in a blog post, highlighted the significance of integrating fiat on-chain, emphasizing that this move is only the beginning.
The adoption of stablecoins aligns with Novatti’s participation in the CBDC pilot initiated by the RBA and Digital Finance CRC. This pilot explores the potential use cases for a central bank digital currency in Australia.
However, as assets continue to be tokenized, global liquidity expands, and financial inclusion advances, companies gain access to new markets, unlock fresh revenue streams, and offer innovative financial services to their customers.
Nevertheless, Novatti’s foray into Ripple’s ecosystem with AUDD signifies a bold move that capitalizes on the benefits of stablecoin usage, paving the way for a future driven by efficient and secure digital transactions.
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