Australian-based Novatti Group, a Ripple client created in 2015, has announced that it is developing an AUDC stablecoin and intends to release it on the XRP Ledger.
After the introduction of immediate cross-border payments, Stellar and Ripple will work together to expand the usage of AUDC on their networks.
As one of more than 300 organisations Ripple has collaborated with, Novatti Group and the company introduced a solution for rapid digital payments in Australia and the Philippines earlier this year. A stablecoin based on the Australian dollar is presently being developed by Novatti.
For this reason, as the firm expands into the field of digital international payments, AUSC will be integrated into the networks of Ripple and Stellar.
A year after he launched Ripple Labs, Jed McCaleb, a co-founder of Ripple and its former CTO, founded Stellar with Chris Larsen, a fellow Ripple co-founder.
When it comes to the fast-growing digital payments business, Novatti’s managing director Peter Cook thinks AUDC will help the firm become a greater part of it.
Purchase the currency with AUD, send it on the blockchain, and keep it as crypto in your wallet or cash it out in AUD. No international transfer costs.
When the stablecoin is integrated into the Novatti network, the firm expects to benefit from conversion fees, transaction fees, and merchant fees.