UDPN Adds Support for Australian Digital Dollar (AUDD)

The Universal Digital Payments Network has announced that the Australian Digital Dollar (AUDD) is now integrated into its platform.

In a blog post published on September 3, UDPN revealed that the AUDD would be added to its list of supported regulated stablecoins alongside the U.S. Dollar and Euro.

AUDD, developed by fintech firm AUDC, is a stablecoin backed one-to-one by Australian dollars and accessible on networks such as Stellar, XRP Ledger, and Ethereum.

The UDPN team noted that AUDD is designed to address the growing needs of the digital economy and offers a stable and reliable banking alternative. They emphasized that the blockchain-agnostic nature of the stablecoin extends the payment network’s global reach and empowers its clients to expand their market presence and establish connections with international partners.

According to Effie Dimitropoulos, CEO of AUDC, this collaboration is expected to significantly accelerate the adoption of AUDD both within Australia and on a global scale. She noted that the partnership aims to reduce friction and improve the flexibility of international payments.

“Our existing and prospective AUDD clients are already operating in a borderless digital world,”

Dimitropoulos explained.

“They demand more efficient and transparent ways to transact in digital commerce. Our integration with UDPN is designed to address this need and close that gap.”

Meanwhile, Steffen Schacher, Digital Assets Lead at GFT, emphasised that integrating AUDD into the UDPN reflects their commitment to merging traditional banking with advanced financial technology. He expressed excitement about the innovation and efficiency this integration will bring to their clients within the digital currency ecosystem.