Australian payment fintech Novatti Group Limited has expanded its Australian dollar stablecoin AUDD to XRP Ledger. According to the statement, AUDD, for the first time launched in November 2022 on the Stellar blockchain, will be available for AUD swaps via the XRP Ledger.
This means that users can use AUDD to make payments and trade other XRPL-based tokens. According to the company, users will be able to access AUDD through any XRPL-enabled wallet.
Novatti is integrating AUDD with its existing set of payment instruments. According to the firm, the stablecoin is designed for use cases such as money transfer, payment gateway, trading pair, and stablecoin as a service.
Peter Cook, CEO of Novatti Group, said in a statement:
“By deploying AUDD on the XRP ledger, we will be able to meet the growing demand for digital currencies and create new revenue streams for our business while delivering on the promise of making our solution available across multiple networks.”
This is not the first collaboration between XRP and Novatti. In April 2021, Novatti used the Ripple service On-Demand Liquidity, which uses XRP as an intermediate currency between two fiat currencies currencies for cross-border payments between Australia and the Philippines.
Novatti also recently participated in a research project looking at the use cases and benefits of central bank digital currency (CBDC) in Australia. The project was led by the Digital Finance Collaborative Research Center (DFCRC) and the Reserve Bank of Australia (RBA). As part of the pilot project, Novatti launched eAUDD, a stablecoin fully backed by a pilot CBDC issued by the RBA.