Key Points:

• Novatti Gathering Ltd has added XRP Record support for its Australian dollar-upheld stablecoin AUDD.
• The stablecoin is expected to be utilized in applications like settlement, installment passage, exchanging pair, and stablecoin-as-a-administration.
• Additionally, Novatti has recently participated in a research project aimed at determining the benefits and applications of CBDC in Australia.

Novatti Group Ltd., an Australian payments fintech, said in an announcement that it has added XRP Ledger to its stablecoin AUDD, which is backed by the Australian dollar.

Through the XRPL, the AUDD, which was initially published on the Stellar blockchain in November 2022, will be available for direct 1:1 exchange with Australian dollars. Exchanges on the XRPL are both fast (3-5 seconds for every exchange) and modest (parts of a penny for each exchange), making it ideal for the versatility of stablecoins and resource tokenization.

As a result of the extension, users can now trade and pay with other XRPL-based tokens using AUDD. People all over the world can use the native decentralized exchange (DEX) to make payments and trade with other XRP-based tokens thanks to the AUDD’s capabilities on the XRPL. Users will be able to access AUDD with any XRPL-enabled wallet, the company claims.

“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 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 said in the statement.

The AUDD is being incorporated into Novatti’s current payment suite. The stablecoin is meant to be used for remittance, payment gateway, trading pair, and stablecoin-as-a-service, according to the company.

This most recent sending concretes Novatti’s progress in utilizing the XRPL’s local advanced cash, XRP, for cross-line exchanges.

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In April 2021, for cross-border remittances between Australia and the Philippines, Novatti used Ripple’s payments solution, which uses XRP as a bridge currency between two fiat currencies.

The RBA and Digital Finance CRC’s CBDC project, which examines the use cases for a central bank digital currency in Australia, has benefited from Novatti’s participation.

Novatti has had the option to expand its organization into 58 nations and handle billions of dollars in yearly exchange esteem subsequent to utilizing Wave’s installments innovation. In addition, AUDD will be used for remittance, payment gateway, trading pair, and Stablecoin-as-a-Service in Novatti’s current payment products.