A new stable digital currency, AUDC, launched in Australia with the help of Ripple and Stellar
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Answer A new stable digital currency, AUDC, launched in Australia with the help of Ripple and Stellar
The Australian-based Novatti Group, founded in 2015, has published statement It is reported that it is building a stablecoin for Australian users AUDC, in cooperation with the fintech giant Ripple, and is planning to issue the stablecoin on the XRP Ledger.
Ripple and Stellar will jointly help spread the use of AUDC across their networks and launch instant cross-border payments.
Issuance of a stable currency on the Ripple network:
The Novatti Group is one of more than 300 companies that Ripple is collaborating with.
Last year, the two companies launched a service for instant digital payments in Australia and the Philippines.Read:Coinbase Becomes First Crypto Company on the Fortune 500 List: Details here
Novatti is now working to create a stablecoin based on the Australian dollar.
As the company expands into cross-border digital payments, the company will integrate the AUDC digital currency and they will start using it on the Ripple and Stellar networks, which are in fact competitors in what they offer.
The Stellar project was founded by Ripple co-founder and former chief technical officer Jade McCaleb, after he left Ripple in 2013, just a year after its founding, due to discrepancies with the other co-founder, Chris Larsen.
Peter Cook, Novatti’s managing director, believes that the launch of AUDC will help the company become a larger part of the fast-growing digital payments market with the increasing use of cryptocurrencies.
AUDC digital stablecoin:
The AUDC stablecoin will support the Australian dollar at a 1:1 ratio against fiat currency i.e. this digital stablecoin will be similar to USDT and USDC, which are already in the top 10 cryptocurrency list.
The digital currency can be purchased with Australian dollars, sent on the blockchain without any international transfer fees, and then held as cryptocurrency in a wallet or cashed out as 1 Australian dollar.Read:A media campaign against the founder of Ethereum after selling what he received from the digital currency “SHIB”
Novatti intends to make a profit here on fees through stablecoin conversion, as well as on transaction and merchant fees once the company adds it to its network.
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