Australian blockchain fintech startup Ettle Pty Ltd. has completed the first transaction on its recently launched Australian dollar-pegged stablecoin, AUDE, according to a statement shared with Forkast.
See related article: Australia’s ANZ stablecoin used to purchase carbon credits
Fast facts
- Running on Ethereum, Algorand and soon to be other Ethereum Virtual Machine compatible blockchains, the AUDE transaction was completed between business clients for software development services.
- Ettle said it plans to make the stablecoin available for broader use for businesses seeking exposure to a digital Australian dollar in the first quarter of 2023.
- Stablecoins are cryptocurrencies whose value is pegged to an underlying asset, most typically the U.S. dollar, but in AUDE’s case the Australian dollar. They can conduct settlement on-chain as opposed to a third-party platform such as Visa, thus reducing counterparty risks and transaction times.
- “We are excited about the prospect of our technology democratizing Australian dollars on the growing Web3 ecosystem,” Ettle Pty Ltd. chief executive officer James Hill said in a statement. “We believe that the future success of the Web3 economy will be dependent on the use of trusted and reliable stablecoin infrastructure.”
- AUDE joins a growing list of Australian dollar-backed stablecoins; on Nov 1, leading Australian fintech company Novatti Group Limited launched its own stablecoin, the AUDD on the Stella blockchain. The AUDD will be available for customers to exchange directly 1:1 with Australian dollars via the company’s online platform or app.
- One of Australia’s major banks, ANZ Banking Group, launched its own Australian dollar-pegged stablecoin, A$DC, earlier this year and completed its first transaction in March. The Victor Smorgon Group also used A$DC to purchase tokenized carbon credits in June.
See related article: Australia to revamp cryptocurrency rules after FTX collapse