Novatti Group has partnered with Ripple and Stellar to create stablecoin based on Australian dollar
Ripple client, Australia-based and established Novatti Group in 2015, has spread the word that it is building an Australia-based stablecoin, AUDC, in collaboration with fintech giant Ripple, which has a plan to release it on the XRP Ledger.
Ripple and Stellar to help launch AUDC stablecoin for Novatti Group
Stellar and Ripple coming together will help popularize the use of AUDC on their networks following the launch of instant cross-border payments.
The Novatti Group is one of more than 300 companies Ripple has partnered with, and last year, both launched instant digital payments services in Australia and the Philippines. Novatti is currently working on creating a stablecoin based on the Australian dollar.
Now, as the company is expanding into cross-border digital payments, it will integrate AUSC and will begin using it on the networks of Ripple and Stellar – two rival blockchain companies.
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Stellar was founded by Ripple’s co-founder and its former CTO, Jed McCaleb, after he left Ripple Labs in 2013, a year after founding Ripple, in contrast to its other co-founder, Chris Larsen.
Novatti CEO Peter Cook believes that the launch of AUDC will help the company become a larger part of the rapidly growing digital payments market as cryptocurrency adoption grows.
The stablecoin will be backed 1:1 against fiat – in this case, the Australian dollar, similar to USDT and USDC, is already on the top 10 list of digital currencies.
The coin can be purchased with AUD, deposited on the blockchain without any international transfer fees, and then held as crypto in a wallet or cashed out as AUD. Novatti intends to profit here from fees through stablecoin conversions, as well as transaction and merchant fees as soon as the company adds them to their network.
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