Novatti Group launches AUDD stablecoin on the XRP Ledger (XRPL), enabling fast and low-cost transactions on the energy-efficient network.
Novatti Group Limited, a leading fintech company, has announced the successful launch of its fiat-backed stablecoin, AUDD, on the XRP Ledger (XRPL). Novatti announced the exciting development in a blog release today, and further shared it on the official AUDD Twitter page.
?AUDD is now live on the #XRPLedger!
We are thrilled to announce that AUDD has officially been deployed on the XRP Ledger (#XRPL) – an open-source, energy-efficient, decentralised blockchain.
Find out more here: https://t.co/WYfxbKThxT.#AUDD #blockchain pic.twitter.com/t5Mtkj40oS— AUDD (@AUDD_digital) June 13, 2023
With AUDD now live on the XRPL, users can easily swap their fiat Australian dollar for AUDD tokens in a direct 1:1 conversion.
XRPL is an open-source, decentralized blockchain known for its energy efficiency and speed. Transactions conducted on the XRPL are fast, taking approximately 3-5 seconds, and cost just fractions of a cent in fees. The AUDD deployment comes two weeks after the XRPL hit the 80 million ledger milestone.
Notably, the integration of AUDD on the XRPL allows users worldwide to utilize the stablecoin for making payments and trading with other XRP-based tokens via the native decentralized exchange (DEX). Any XRPL-enabled wallet can access AUDD, ensuring widespread accessibility for users.
This latest development further solidifies Novatti’s successful utilization of the XRPL’s native digital asset, XRP, for cross-border transactions. By deploying AUDD on the XRP Ledger, Novatti aims to meet the growing demand for digital currencies while creating new revenue streams for their business.
Peter Cook, the CEO of Novatti Group, expressed excitement about bringing its stablecoin roadmap to life, aiming to provide faster, more secure payments with lower costs for consumers.
The integration of AUDD into Novatti’s suite of payment solutions enables the stablecoin to cater to various use cases, including remittance, gateway services, trading pairs, and Stablecoin-as-a-Service.
Novatti’s Recent Wins
In addition to launching AUDD on the XRPL, Novatti previously tapped into Ripple’s On-Demand Liquidity service, which leverages XRP as a bridge currency for cross-border remittances between Australia and the Philippines.
Early this year, Novatti secured a merchant license in New Zealand, as reported by The Crypto Basic. The firm has also received banking authorization from the International Bank of Australia before that.