Novati Group has partnered with two rival blockchain giants to create an Australian dollar-based stablecoin
- Issuing Stablecoins With Ripple
- AUDC from inside
Ripple client Novati Group, based in Australia and founded in 2015, has publicized that it is building an Australian-based stablecoin, AUDC, in collaboration with the Ripple fintech giant, planning to issue it on the XRP Ledger. Used to be.
Stellar and Ripple together will help spread the use of AUDC across their networks following the launch of instant cross-border payments.
Just In: Nowatti Announces Stablecoin Deal with Stellar and Ripplehttps://t.co/Vs1A4EcCj2 pic.twitter.com/gz4PFZs9gF— Secret Poet (@1CrypticPoet) 9 June 2022
Issuing Stablecoins With Ripple
The Nowatti Group is one of more than 300 companies that Ripple is collaborating with and last year, both launched a service for instant digital payments in Australia and the Philippines. Nowatti is now working on creating a stablecoin based on the Australian dollar.
Now, as the company expands into the field of digital transnational payments, they are going to integrate AUSC and start using it on the networks of two rival blockchain companies – Ripple and Stellar.
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 other co-founder Chris Larsen.
Peter Cook, managing director of Novati, believes that the launch of AUDC will help the company become a bigger part of the rapidly growing digital payments market as the use of cryptocurrencies becomes larger and wider.
AUDC from inside
The stablecoin will be backed 1:1 against fiat currency – in this case similar to the Australian dollar, USDT and USDC, which are already on 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 redeemed as AUD.
As the company adds them to its network, Nowatti intends to make a profit on the conversion of stablecoins as well as fees on transactions and merchant fees.