Melbourne, October 11, 2022 — 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.
About Novatti Group Limited (ASX:NOV)
Novatti is a leading fintech that enables businesses to pay and be paid, from any device, anywhere. From corner stores and start-ups to global organisations, our solutions will unlock your ambitions. Solutions include issuing, acquiring, processing, and billing, while Novatti has also applied to APRA for a restricted banking licence through its subsidiary Novatti IBA Pty Ltd.
Keep up to date with company news, events and industry research by joining the Novatti mailing list at: https://www.novatti.com/subscribe.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts. For more information, visit stellar.org.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit stellar.org/foundation.