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Ripple ODL partner Novatti Group has announced that its 1:1 fiat-backed stablecoin, AUDD, is now live on XRP Ledger (XRPL).
A range of use cases, including remittance, gateway, trading pairs and stablecoin-as-a-service, would be served by AUDD as it is being integrated into Novatti's current array of payment solutions.
The next evolution in global payments is here. 🌏@NovattiPayments has announced its 1:1 fiat-backed stablecoin, AUDD, is now live on the #XRPL. Read how this new deployment marks an important inflection point in the journey toward the Internet of Value. https://t.co/S6WfZN8cxa
— RippleX (@RippleXDev) June 13, 2023
According to an official blog post, the Australian digital dollar, AUDD, will be exchangeable for 1:1 direct swaps of fiat Australian dollars using the XRPL.
Users from all around the world can use AUDD thanks to the XRPL's functionality to send and receive money and trade it for other XRP-based tokens on the native decentralized exchange (DEX). Additionally, user accounts will be able to access AUDD through any wallet that supports XRPL.
This new deployment further solidifies Novatti's success in employing XRP, the native digital currency of the XRPL, for cross-border transactions.
In April 2021, Novatti started using Ripple's On-Demand Liquidity service for cross-border remittances between Australia and the Philippines. ODL uses XRP as a bridge currency between two fiat currencies.
Novatti has since expanded its business into 58 countries and handled billions in annual transaction value since utilizing Ripple's payments platform.
Additionally, Novatti is taking part in the CBDC pilot project run by the RBA and the Digital Finance CRC, which examines the potential use cases for an Australian central bank digital currency.
New features coming to XRPL
Through the amendment process, the XRPL protocol gains new features, improvements and bug fixes.
Ripple only runs one of the more than 30 validators on the most widely used UNL and, thus, has no control over the XRP Ledger mainnet.
The community is currently debating six new amendments that were introduced in Rippled version 1.10, which was issued in March 2023. Each amendment introduces a unique set of modifications and ramifications.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team