An Australian blockchain fintech startup, Ettle Proprietary Limited, has completed its first transaction using the AUDE stablecoin, according to a media release by the firm. The transaction involved business clients using the platform for software development services.
AUDE is a private Australian dollar stablecoin designed to facilitate asset purchases, sales, and business transactions. The primary blockchain for AUDE is Algorand, but it is also available on Ethereum. In the first quarter of 2023, Ettle intends to make the stablecoin available on other blockchains for broader use.
AUDE will be available first to businesses that require an Australian digital currency for their platform. Ettle also ensures its users’ privacy and security by enforcing strict AML/KYC policies.
CEO of Ettle Pty Ltd, James Hill, said:
“We are excited about the prospect of our technology democratising Australian Dollars on the growing web3 ecosystem. Our intention has always been to build the most robust, transparent, compliant and trusted stablecoin in the world.”
Daniel Oon, Head of DeFi for the Algorand Foundation, also commented on the partnership. He said:
“We are excited to witness the launch of Ettle’s mainnet and their use of the Algorand blockchain as the ledger for all their transactions, which is a great demonstration of Algorand’s capabilities.”
This year was marked by increased interest in blockchain and cryptocurrencies in Australia, with ANZ (Australian and New Zealand Banking Group) becoming the first institution to issue an Australian digital currency. Novatti Group, another fintech company, debuted its stablecoin AUDD on the Stellar blockchain on November 1st.
The Australian Treasury published a paper in March 2022 proposing a regulatory framework for crypto assets and service providers, or CASSPrs. However, at the time of writing, this had been shut down. It’s unclear if the government is prepared to make a decision.
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