The first transaction on Ettle Pty Ltd.’s freshly released AUDE stablecoin, which is tethered to the Australian dollar, has been completed.
The AUDE transaction between business clients for software development services was finished on the Ethereum, Algorand, and other Ethereum Virtual Machine compatible blockchains.
In the first quarter of 2023, Ettle said it intends to make the stablecoin more widely accessible for businesses looking to use a digital Australian dollar.
The value of stablecoins, like AUDE, is tied to the Australian dollar rather than the U.S. dollar, which is the most common base asset. Instead of using a third-party platform like Visa, they can execute settlement on-chain, lowering counterparty risks and speeding up transactions.
“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.”
The leading Australian fintech company Novatti Group Limited launched its own stablecoin, the AUDD on the Stella blockchain on November 1, adding AUDE to the growing list of stablecoins backed by the Australian dollar. Customers will be able to use the company’s online platform or app to exchange the AUDD directly 1:1 with Australian dollars.
A$DC, a stablecoin pegged to the Australian dollar, was introduced earlier this year by one of Australia’s largest banks, ANZ Banking Group, and its first transaction was completed in March. In June, the Victor Smorgon Group also bought tokenized carbon credits using A$DC.
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