By
Mayowa Adebajo
April 18th, 2024
Besides its goal to bring more ways for its customers to be paid, Novatti Group also considers the stablecoin integration as a viable stream of income.
Novatti Group Ltd (ASX: NOV), one of the foremost payment startups in Australia has announced its partnership with Ripple Labs Inc, a blockchain payments firm. The partnership will see Novatti deploy and launch a new stablecoin, AUDC, based on the Australian DOLLAR and issued on Ripple’s decentralized payment protocol, the XRP Ledger.
Primarily a blockchain and crypto-centric firm, Ripple Labs now occupies a very pivotal position in the cross-border operation of as many as 300 financial institutions around the world. With Novatti Group joining these supported firms, the AUDC being developed will be integrated by both Ripple and Stellar Network who will offer the new AUDC stablecoin on their respective protocols.
The push to create a stablecoin is hinged on the growing influence of digital currencies and how they are currently expanding the global payment ecosystem. In light of this reality, Novatti Group is choosing not to play second fiddle with this growing evolution.
“Novatti is in the business of finding innovative ways for our clients to pay and be paid. Following on from the success of utilising the digital asset XRP for cross-border payments from Australia to the Philippines last year, we once again looked to the XRP Ledger to issue Novatti’s new stablecoin, AUDC. This really highlights the value of our global payments ecosystem, which can be readily replicated and expanded to capture new and innovative opportunities to best serve our clients,” said Novatti Managing Director Peter Cook.
Besides its goal to bring more ways for its customers to be paid, Novatti Group also considers the stablecoin integration as a viable stream of income.
“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 added.
Novatti Group and the Place of Stablecoin in Australia
Australia is a very decent market when it comes to crypto growth, and while the population is notably warming up to the growing industry, the embrace of stablecoins is particularly just picking up momentum in the country.
The value of stablecoins was underscored in Australia back in April this year when the Smorgon family transferred $30 million through stablecoins with settlement completed within 10 minutes. This superfast transaction speed showcased the efficiency in crypto payments, one that may continue to gain more embrace in the near future.
In achieving this payment future which crypto will be a vital part of, AUDC is positioning itself aright in all ways to be a part of this. As shared by the company, the AUDC will be backed 1:1 with the Australian Dollar, and can easily be redeemed with several merchants while the company plans to unveil more utility in the near future.