Novatti Group Has Partnered With Ripple And Stellar To Create Stablecoin Based In The Australian Dollar
Ripple customer Novatti Group based in Australia and established in 2015 has announced that it building an Aussie-based stablecoin, AUDC, in collaboration with the Ripple fintech giant, planning to issue it on the XRP Ledger.
Stellar and Ripple together will help spread the use of AUDC on their networks after the launch of instant cross-border payments.
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Issuing stablecoin with Ripple
Novatti Group is one of the more than 300 firms Ripple has been cooperating with and, last year, the two released a service for example digital payments in Australia and the Philippines. Novatti is presently working on the fabrication of a stablecoin based on the Australian dollar.
Now, as the company is expanding into the sphere of digital transnational payments, they are going to integrate AUSC and will start using it on the networks of Ripple and Stellar – the two rival blockchain companies. Stellar was founded by Ripple co-founder and its former CTO Jed McCaleb after he left Ripple Labs in 2013, a year after founding Ripple, over discrepancies with the other co-founder, Chris Larsen.
Managing Director of Novatti Peter Cook agrees that releasing AUDC will aid the firm to become a larger part of the fast-growing digital payments market as the utilization of cryptocurrencies is getting more massive.
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AUDC from inside
The stablecoin will be backed 1:1 against fiat currency – the Australian dollar in this case, similar to USDT and USDC, which are already in the top 10 list of digital currencies.
The coin can be bought with AUD, sent on the blockchain without any international transfer fees, and then kept as crypto in a wallet or cashed out as AUD.
Novatti plans to make a gain here on fees via the conversion of the stablecoin, as well as on transaction and merchant fees as soon as the company adds them to their network.
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