Novatti expanded its AUDD stablecoin to XRP Ledger

Australian payments fintech Novatti expanded its Australian dollar-backed stablecoin AUDD to XRP Ledger. 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.

Novatti expanded its AUDD stablecoin to XRP Ledger

Novatti Group Limited, an Australian payments fintech company, has announced the expansion of its Australian dollar-backed stablecoin, AUDD, to the XRP Ledger.

This development, as stated in a press release , follows the initial launch of AUDD on the Stellar blockchain in November 2022. The expansion enables the conversion of AUDD to AUD through 1.1 swaps on the XRP Ledger.

With this expansion, users now have the ability to utilize AUDD for making payments and engaging in trading activities with other tokens based on the XRPL. According to Novatti, AUDD can be accessed through any XRPL-enabled wallet.

Novatti is integrating AUDD into its existing range of payment tools, aiming to cater to various use cases such as remittance, payment gateway, trading pair, and stablecoin-as-a-service.

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.

Peter Cook, CEO of Novatti Group

XRP and Novatti have previously collaborated on multiple occasions. In April 2021, Novatti utilized Ripple’s On-Demand Liquidity service, which leverages XRP as an intermediary currency, for facilitating cross-border payments between Australia and the Philippines.

Furthermore, Novatti recently participated in a research initiative focused on investigating the potential use cases and advantages of a central bank digital currency (CBDC) in Australia.

Led by the Digital Finance Cooperative Research Centre (DFCRC) and the Reserve Bank of Australia (RBA), the pilot project involved Novatti issuing eAUDD, a stablecoin fully backed by the CBDC prototype issued by the RBA.

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