Leading payments fintech firm Novatti Group Limited, has announced a major development that involves the Ripple eco. The fintech firm is extending the use of its AUDD stablecoin to the XRP ledger
The XRP Ledger is an open-source technology that allows anyone to build on the network. The XRP Ledger is currently being maintained by a global large number of participants in the XRPL Community
The XRP ledger is a consensus protocol that has designated servers known as validators that come to an agreement on the order and outcome of Ripple (XRP) transactions every 3-5 seconds
With the new development, users will be able to make use of the AUDD stablecoin to carry out payments and trade with other XRPLbased tokens. The Novatti Group Limited explained that users will be able to have access to AUDD via any XRPL-enabled wallet
At the moment, Novatti is integrating AUDD with its current suite of payment tools. The AUDD stablecoin was made to bridge the gap in the remittance, trading pair, payment gateway, and stablecoin-as-a-service industry
The CEO of Novatti Group speaks on the long-term goal of the recent move
Speaking on the new development, Peter Cook, the CEO of Novatti Group explained that by deploying AUDD on XRPL, the platform will have the ability to encapsulate the rising demand for cryptocurrencies. As a result, new revenue streams for their businesses will be created, while they maintain their commitment to making their solutions accessible to a large number of networksPeter Cook asserted
The AUDD stablecoin was created to facilitate transactions and remittances between huskiness’s and their customers. While a handful of other stablecoins typically reduce the manner in which they utilize corporate-to-corporate or intra-corporate transactions, AUDD was designed and created without limitations.
It is also worth noting that although other stablecoins that are follaterixed with smart contacts and cryptocurrencies, the AUDD stablecoin is collateralized using a 1:1 basis by Australia’s sovereign currency. As a result, the risk of the AUDD stablecoin losing its value is reduced significantly. The Novatti Limited Group will hold one A$ in reserve for every AUDD that it mints
Notably, Novatti Group and AUDD’s is participating in a research project to explore the use cases of economic benefits of Novatti and AUDD’s participation in the exploration of the uses and benefits of CBDC in Australia
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