Australian payments fintech Novatti Group Limited has expanded its Australian dollar-backed stablecoin AUDD to XRP Ledger, according to a press release shared with CryptoSlate. AUDD, which was first launched in November 2022 on the Stellar blockchain, will be available for 1.1 swaps with AUD via XRP Ledger, as per the statement.
The expansion means users can utilize AUDD to make payments and trade with other XRPL-based tokens. Users will be able to access AUDD through any XRPL-enabled wallet, the firm said.
Novatti is integrating AUDD with its existing suite of payment tools. The stablecoin is designed to serve use cases like remittance, payment gateway, trading pair, and stablecoin-as-a-service, the firm said.
Peter Cook, CEO of Novatti Group, noted in the statement:
“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.”
This is not the first time XRP and Novatti have collaborated. In April 2021, Novatti used Ripple’s
On-Demand Liquidity service, which uses XRP as a bridge currency between two fiat
currencies, for cross-border payments between Australia and the Philippines.
Novatti had also recently participated in a research project aimed at exploring the use cases and benefits of a central bank digital currency (CBDC) in Australia. The project was led by the Digital Finance Cooperative Research Centre (DFCRC) and the Reserve Bank of Australia (RBA). In the pilot project, Novatti issued eAUDD, a stablecoin fully backed by the pilot CBDC issued by the RBA.
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