Novatti Group, a prominent fintech firm that facilitates business transactions, has revealed its collaboration with AUDD in a new research project that aims to explore the potential benefits and use cases of a central bank digital currency (CBDC) in Australia. The initiative is being led by the Digital Finance Cooperative Research Centre (DFCRC), in conjunction with the Reserve Bank of Australia (RBA). As part of this limited-scale CBDC pilot program, Novatti is one of the leading industry players who will participate and have a real claim on the Reserve Bank.
During the pilot, Novatti will introduce a supplementary stablecoin known as eAUDD. This Australian dollar stablecoin will be backed 1:1 by Pilot CBDC issued by the RBA and will allow customers to independently verify the reserve. The eAUDD will be issued on the Stellar blockchain, where an invite-only group of participants will be able to purchase a non-fungible token (NFT) using eAUDD in order to make a charitable donation.
The main goal of the eAUDD pilot is to determine if a stablecoin backed by a CBDC could instill greater customer confidence in the validity of stablecoins. Widespread acceptance of stablecoins could also lead to increased safeguards in bank regulation, secure payments, and improved financial stability for users. The outcomes of this research project will be published mid-year.
Peter Cook, CEO of Novatti Group, said, "We are thrilled to be selected for this first-of-its-kind opportunity to help shape the future of CBDCs and promote the use cases for high governance stablecoins in Australia. Novatti's stablecoin service was designed with a focus on compliance, security, and utility, all of which will support the innovative CBDC trial."
The CBDC pilot program is set to conclude at the end of May.
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