Australian company to launch stablecoin on the Ripple and Stellar blockchains

AUDC stablecoin will be backed by the Australian dollar at a 1:1 ratio

09.06.2022 - 13:25

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What’s new? Novatti Group, an Australian financial services company, will issue its own stablecoin on two blockchains, Ripple and Stellar. The new stablecoin, AUDC, will be backed by the Australian dollar at a 1:1 ratio. This was revealed by Novatti Managing Director Peter Cook in an interview with Finance News Network.

Interview by Finance News Network

More details about AUDC. The coin will be able to be sent over the network without any international transfer fees, as well as can also be cashed in Australian dollars.

“We strongly believe that demand for the use of digital currencies will only increase going forward. Deploying our AUDC stablecoin on the XRP Ledger will help Novatti capture this growing demand and, in turn, position us to deliver new revenue streams,” Cook explained.

Novatti will generate revenue from the stablecoin conversion fees, as well as transaction and merchant fees.

More details about the companies. Ripple is a payment protocol created in 2012 by Ripple Labs for currency exchange and transactions. The protocol is used by government financial institutions in Australia, Canada, and Israel. It has the native token XRP.

Stellar is a decentralized platform similar in functionality, with Lumen (XLM) as the native token. The platform was founded by the co-founder and former Ripple CTO Jed McCaleb. He left Ripple Labs in 2013 due to disagreements with another co-founder of the project, Chris Larsen.

Novatti Group is one of more than 300 companies that Ripple partners with. In 2021, they jointly launched an instant digital payment service in Australia and the Philippines.

On May 5, the TRON blockchain launched a new algorithmic stablecoin, USDD. The coin will be backed by the TRX token and the equivalent of $10 billion placed in highly liquid assets.

On June 9, Tether launched its USDT stablecoin on the Tezos (XTZ) blockchain platform. Jointly with the new blockchain, the stablecoin is already available on 12 networks, including Ethereum (ETH), TRON (TRX), Solana (SOL), Algorand (ALG), and others.

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