Novatti introduces eAUDD stablecoin, supported by Pilot CBDC on the Stellar blockchain, aimed at enhancing customer trust in stablecoins and fostering secure transactions.
Novatti Group, a leading fintech company that enables business transactions, has announced its partnership with AUDD in a research initiative to investigate the advantages and applications of a central bank digital currency (CBDC) in Australia. The project is spearheaded by the Digital Finance Cooperative Research Centre (DFCRC) in collaboration with the Reserve Bank of Australia (RBA). Novatti is among the key industry participants in this small-scale CBDC pilot program, having a direct stake with the Reserve Bank.
As part of the pilot, Novatti will roll out a new stablecoin called eAUDD. This stablecoin, pegged 1:1 to the Pilot CBDC issued by the RBA, will enable customers to independently verify its reserves. The eAUDD will be launched on the Stellar blockchain, where a limited group of selected participants will be able to acquire a non-fungible token (NFT) using eAUDD for charitable contributions.
The primary objective of the eAUDD pilot is to assess if a stablecoin linked to a CBDC can enhance customer confidence in the legitimacy of stablecoins. Increased adoption of stablecoins might also lead to more robust banking regulations, secure payment processes, and greater financial stability for users. The findings from this research initiative will be published mid-year.
Peter Cook, CEO of Novatti Group, stated, “We are excited to be chosen for this groundbreaking opportunity to influence the future of CBDCs and highlight high-governance stablecoin use cases in Australia. The design of Novatti’s stablecoin service emphasizes compliance, security, and utility, all of which will aid in supporting this innovative CBDC trial.”
The CBDC pilot project is slated to conclude at the end of May.
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