Novatti Group Limited (ASX:NOV), a leading fintech enabling businesses to pay and be paid, announced at the Stellar Meridian conference in Rome, Italy overnight that its 1:1 fiat-backed stablecoin, AUDD, will go live on the Stellar blockchain on 1 November 2022.
The company also announced that AUDD will be available for a direct 1:1 swap of fiat Australian Dollars, via their onsite platform and app.
Providing a fully collateralised, digital representation of the Australian dollar, AUDD has been developed to meet continued strong demand for digital currencies and improved payments services. AUDD’s seamless payment experience will empower users to send currencies or remittances globally with near-instant settlement.
Once live, AUDD’s functionality on the Stellar blockchain means users around the world can utilise AUDD to make payments and trade with other Stellar-based tokens via the on-chain decentralised exchange (DEX). Users with Stellar accounts will be able to access AUDD through any Stellar-enabled wallet.
Commenting on the announcement, Novatti’s Managing Director, Peter Cook, said: “The launch of AUDD enables Australian and global businesses to take advantage of the blockchain-based innovations in global payments. Novatti is proud to be the first Australian payments company to deliver on the potential of digital currencies, providing our clients with an innovative new product while creating new revenue streams for our business.”
Today’s announcement at Meridian was made by Michaela Juric, Novatti’s GM Blockchain and Digital Assets, who said: “Novatti is excited to bring our safe, secure open market stablecoin solution to the domestic and global payments industry. AUDD provides our clients with greater choice in how to pay and be paid, with the potential for faster and lower cost domestic, cross-border, and billing payments as well as for stablecoin-linked payment cards.”
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said: “We’re pleased Novatti has chosen to launch AUDD on Stellar, a network optimised for payments and asset issuance. This will introduce new opportunities for businesses and users to deliver on payment-related use cases and connect across borders, thanks to the speed and scale of the Stellar network.”
In further evidence of the growing momentum of stablecoins in the local market, today’s announcement follows Novatti’s attendance at today’s RBA and Digital Finance CRC roundtable in Sydney, which explores the use cases for a central bank digital currency.
AUDD will be integrated into Novatti’s existing suite of payment solutions and is designed to meet a range of use cases, including remittance, gateway, De-Fi Pair and Stablecoin-as-a-Service.