Ettle, a blockchain startup, has announced a pilot transaction for an Australian dollar-based stablecoin AUDE.
According to a company statement, Ettle partnered with Meadow Labs in the experiment to make a payment using the AUDE to one of its contractors. Ettle says it is utilizing both the Algorand and Ethereum blockchain with additional blockchains forthcoming. The transaction was completed when AUDE was redeemed for fiat into the contractor’s bank account. The process was said to have been monitored by PKF Perth and independently verified.
Ettle reports that it is poised to make its stablecoin infrastructure available for broader use in the first quarter of 2023, initially available for business transactions.
AUDE users will be able to store, convert, transact, and transmit digital Australian dollars. AUDE will be backed by cash treasury reserves and will be held in Australia by The SILC Group, a trustee and custodian holding an Australian Financial Service Licence (AFSL).
Ettle has developed a self-service portal along with APIs that enable clients to integrate AUDE into payment flows.
Ettle CEO James Hill commented:
“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.”
He added that he believes the future success of Web3 depends on a trusted and reliable stablecoin infrastructure.
Daniel Oon, Head of DeFi for the Algorand Foundation, said they are excited for the launch of AUDE issued by Ettle and their use of their blockchain:
“[This] is a great demonstration of Algorand’s capabilities.”
Chris Roos, Partner at PKF Perth stated:
“Trust and transparency are now more important than ever within the blockchain ecosystem and even more so for cash backed stablecoins. We have been working closely with Ettle to develop a robust process whereby we can independently monitor and attest that the AUDE treasury reserve is always in surplus to tokens on issue.”
While stablecoins are typically described as cryptocurrency some view fiat-backed stablecoins as an update to existing payment rails that provide instantaneous, low-cost transfers and payments.