Novatti Group Limited (Novatti or Company), a leading technology company that allows businesses to pay and receive money, announces the launch of a stablecoin with support for the Australian Dollar (AUD) using the Stellar open source blockchain.
Stablecoin, to be called AUDC, will provide digital representation of the Australian dollar and will be provided with 1: 1 support for the value of AUD. This provides a distinction from pure cryptocurrencies that are unrelated and unrelated to any particular market economy, commodity or asset.
This technology will also create a secure and permanent digital record of all transactions and account balances, which maintains the integrity of each transaction and provides a solid foundation for maintaining Even absolute attention to conservation.
Although this is a relatively new innovation, the demand for stablecoins is growing rapidly. In the 12 months to September 2021, the number of stable coins pegged to US dollars circulating in public blockchains increased by more than 500% to almost $ 130 billion.1 Even the Governor of the Reserve Bank of Australia, Dr. Philip Lowe, noted that in the future we could see how payments are made “by moving tokens, not moving banknotes”.
Even believes that it is in this direction are the payments, while the growth of demand for stablecoins will only accelerate. With the launch of AUD-backed stablecoin on Stellar, a network designed for stablecoins and known for its speed, low cost and compatibility, new opportunities are emerging to provide more seamless and almost instant financial services both domestically and abroad.
AUDC will be integrated into Novatti’s existing set of payment solutions, giving customers even more choice in how they choose to pay and receive money, while creating new uses in business
with the potential for: faster and lower costs of domestic, cross-border and billing payments; as well as an option for payment cards related to stablecoins. In doing so, it will create new potential revenue streams for Novatti, including commissions for conversions, transactions and trade fees, depending on product demand.
The potential benefits of using stablecoins for payments were highlighted in a recent transaction that hit headlines involving smorgons, a well-known family of Australian billionaires. Here, stablecoins were used to transfer $ 30 million in 10 minutes compared to what would take several days using existing systems, while avoiding exchange fees.
It is important to note that the Stellar Development Foundation has pledged to support the development of the Novatti stablecoin in stages, which has led to a minimal capital contribution from Novatti.
Stellar, launched in 2014, is a decentralized open source network for currencies and payments. Since its launch, it has handled more than two billion transactions from more than 6.5 million individual accounts. Large corporate companies from startups have chosen Stellar to move money and enter new markets.
The design of the Novaco Stablecoin is also amenable to the timely use of additional blockchain networks.
Novatti CEO Peter Cook said: “Allowing businesses to pay and receive money from any device and anywhere is the core of Novatti’s vision. Launching our own stablecoin will help. ”
“We see digital currencies such as stablecoins as the evolution of money and payments that we know. Looking back on history, we traded in silver and gold, then paper, and now plastic banknotes. Stablecoin Novatti is part of the next leap in payment innovation, creating a purely digital representation of the physical currency. ”
“We believe that the demand for the use of digital currencies will only grow rapidly in the future, so the launch of this new stablecoin is timely, which makes Novatti ahead. At the same time, we are incredibly excited to launch on the Stellar network. ”
“With this new product, we will be able to give our customers a faster, lower cost and more flexible payment and payment option, while opening up new potential revenue streams for Novatti.”
This announcement follows from some of Novatti’s other recent growth-oriented achievements, including:
● Sales revenue for the March quarter was $ 10.4 million – a new record
● Successful integration of ATX with immediate positive financial effect
● Integration into Reckon Limited products, creating new potential revenue streams
https://australianfintech.com.au/novatti-to-launch-aud-stablecoin-leveraging-stellar-blockchain/
