Ripple and Stellar working with Novatti Group to build AUD-pegged stablecoin

  • Novatti Group believes that stablecoins present a massive opportunity for businesses and corporations to transfer money instantly and at a low cost.
  • Novatti’s has decided to issue its AUDC stablecoin of Ripple XRP ledger and the Stellar blockchain.

Earlier this week, Australia-based global payments giant – Novatti Group – has joined hands with blockchain startup Ripple to build a new AUD-pegged stablecoin (AUDC). As per the details, the company plans to launch it on the XRP Ledger.

As of date, more than 300 global financial institutions are using Ripple’s instant cross-border payments network. The Novatti Group has been Ripple’s customer for the past few years. AUDC is the latest development in the company’s suite of digital products and shall be integrated into Novatti’s international payments network.

The AUDC shall be pegged 1:1 against the Australian Dollars. Individuals and institutions can leverage the AUDC use to send money instantly anywhere across the world using the power of blockchain technology. This will also help them save majorly in transaction fees. On the other hand, the receiver can either keep AUDC or cash it out against the Australian Dollar. Speaking of the development, Novatti Managing Director 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.

How AUDC will help Novatti Group’s business

One of the biggest leverages that AUDC bring is instant cross-border payments and settlements. Being an issuer of AUDC, the Novatti Group will generate revenue from the product via “conversion, transaction and merchant fees”. The company will also integrate AUDC into its existing global payment services network.

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The use of blockchain-based stablecoins has been growing across businesses only due to its fast settlement times. On the other hand, the traditional banking system takes a few days. As a result, blockchain-based stablecoins have been in the demand for a while.

The Novatti Group already has a huge merchant network with licenses for Visa and Mastercard. This allows Novatti to partner with merchants to accept digital payments in fiat. But upon receiving these funds, they can instantly move them anywhere in the world using AUDC stablecoin.

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Novatti believes that this kind of utility of stablecoins remains largely untapped. They are also confident that it would be appealing to different multinational corporations.

Apart from Ripple’s XRP ledger, Novatti will also issue the AUDC stablecoin on the Stellar blockchain network.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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