Austrailian Dollar-Backed Stablecoin AUDC To Launch On XRP Ledger

By Kevin • June 9, 2022 3:05 pm • Comments

Novatti Group is a leading fintech company based in Austrailia that just announced the launch of a new stable coin on the XRP ledger.

The Austrailia dollar-backed stable coin, called AUDC, has chosen the XRP ledger as the ideal network due to the fact that transactions on XRPL are both fast and extremely low cost.

With this new partnership between Ripple and Novatti, Ripple will be providing all the technical support that is needed to fully integrate AUDC with XRPL.

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Each AUDC will be backed with 1 Australian dollar which ensures that the value of the stable coin will never be depegged from the dollar.

Additionally, AUDC will be able to be used in all of Novatti’s existing financial products which further promotes the use of stable coins and expands the use cases that the Ripple network covers.

Novatti.com reports:

Novatti’s new stablecoin, called AUDC, provides a digital representation of the AUD, and is secured with a 1:1 backing of AUD fiat value.

It will be integrated into Novatti’s existing suite of payment solutions, providing clients with a new and innovative way to pay and be paid, while creating the potential for faster and lower cost domestic, cross border and billing payments, as well as stablecoin-linked payment cards.

AUDC will be issued on the XRPL, an open-source, public and decentralized blockchain.

Transactions on the XRPL are both fast (~3 seconds per transaction) and low cost.

This new stablecoin 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, for remittances between Australia and the Philippines.

It is expected that the launch of this new stable coin will also have many significant benefits for Novatti as well as it will bring additional revenue streams for the company.

Novatti already has a history of using XRP’s technology in the past such as using XRP for all cross border transactions last year between Austrailia and the Philippinnes.

The announcements to continue using RippleNet and XRP for its operations also come with multiple other achievements that the company has achieved such as reaching a record $10.4 million in sales revenue.

As a result, investors of Novatti and XRP expect this partnership to continue to be mutually beneficial and increase each others value.

Novatti.com concludes:

Managing Director of Novatti, Peter Cook, said: “Novatti is in the business of finding innovative
ways for our clients to pay and be paid.

Following on from the success of utilising the digital asset XRP for cross-border payments from Australia to the Philippines last year, we once again looked to the XRP Ledger to issue Novatti’s new stablecoin, AUDC.

This really highlights the value of our global payments ecosystem, which can be readily replicated and expanded to capture new and innovative opportunities to best serve our clients.”

“We strongly believe that demand for the use of digital currencies will only increase going forward.

Deploying our AUDC stablecoin on the XRP Ledger will help Novatti capture this growing demand and, in turn, position us to deliver new revenue streams.”

This could be the first of many stable coins that decide to launch on the XRP ledger.

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