Novatti Group, a leading Australian Ripple customer, which was launched in 2015, has announced that it is developing an AUDC stablecoin in conjunction with the Ripple fintech firm, with plans to deploy it on the XRP Ledger.
In a recent interview, Peter Cook, the CEO and Managing Director of Novatti Group revealed After the launch of fast cross-border payments, Stellar and Ripple will collaborate to assist promote the use of AUDC on their networks. This is despite the two being rival blockchain giants.
Novatti vs Stellar and Ripple
Novatti Group is one of the over 300 companies with which XRP has partnered, and the two companies established a service for fast digital payments in Australia and the Philippines last year. Novatti is now working on developing an Australian dollar-based stablecoin.
Additionally, as the company expands into the world of digital transnational payments, AUSC will be integrated and used on the networks of XRP and Stellar, two competing blockchain startups.
Jed McCaleb, a co-founder of Ripple and its former CTO, launched Stellar after leaving Ripple Labs in 2013, a year after launching Ripple, due to disagreements with the other co-founder, Chris Larsen.
As the use of cryptocurrencies grows, Novatti’s Managing Director Peter Cook believes that introducing AUDC would help the company become a bigger part of the fast-growing digital payments market.
Similar to USDT and USDC, which are already on the top 10 list of digital currencies, the stablecoin will be backed 1:1 against fiat currency — in this case, the Australian dollar.
The coin can be purchased in AUD, sent to the blockchain without incurring any international transfer costs, and then stored as crypto in a wallet or paid out in AUD. Novatti plans to profit from the stablecoin’s conversion fees, as well as transaction and merchant fees, as soon as the company integrates them into its network.