Australian Blockchain Fintech Startup Ettle Launches Its New AUDE Stablecoin
- Ettle Pty Ltd launched its Australian dollar-backed stablecoin AUDE.
- Previously, Novatti’s stablecoin was in the news.
- Let us know which is the country’s first stablecoin.
A remarkable step
Ettle Pty Ltd., an Australian blockchain startup, has launched its Australian dollar-backed stablecoin ‘AUDE’.
According to the official website, Ettle has created a fully reserved, cash-backed Australian dollar stablecoin (AUDE) that is “held in trust, redeemable and will be independently audited to always ensure a cash-backing for every single stablecoin issued.”
Ettle has also chosen a third-party auditor (PKF-Perth) to confirm its full bank coffers. Using random and regular verifications, the auditors will ensure that each AUDE token is in a 1:1 ratio of cash reserves held by a self-governing and fully licensed custodian and trustee.
Ettle will offer its AUDE stablecoins as an on-ramp for its web3 partners along with offering AUDE on multiple exchanges and multiple chains. At launch, the AUDE token will be minted on Algorand and Ethereum with more progress in this direction. Ettle was founded in October 2021, with the initiative of current CEO and founder James Hill.
CEO James Hill said – “We are excited about the possibilities for our technology to democratize Australian dollars on the growing Web3 ecosystem,” he added, “We believe the future success of the Web3 economy will depend on the use of trusted and reliable stablecoin infrastructure.”
According to media reports, Ettle introduced the AUDE stablecoin for business purposes, which looks forward to a digital Australian dollar soon in early 2023.
Stablecoins are cash, but on the blockchain – essentially digital money – that is linked to fiat currencies such as the US dollar, or central bank digital currencies (CBDCs), which are ultimately regulated by the country’s central bank. In this case, it is the Australian dollar.
Who are the other players?
This year saw the launch of many US dollar-pegged stablecoin tokens, such as Paxos’ Paxos Standard Dollar (PAX), Winklevoss brothers’ Gemini Dollar (GUSD), Circle’s USD Coin (USDC), etc.
As per the announcement at the Money 20/20 conference in Las Vegas, Novatti Group Ltd, Australia’s leading fintech company, confirmed to issue a new stablecoin starting November 19. Novatti’s token will be the first AUD-pegged digital asset on the Stellar blockchain.
According to media reports, in March 2022, a stablecoin (A$DC) launched by Australia’s largest bank, ANZ Banking Group, the country’s first dollar-backed stablecoin, was again established at a 1:1 ratio against the Australian dollar.
ANZ’s Portfolio Lead Nigel Dobson said- “An ANZ-issued Australian dollar stablecoin is a first step in enabling our customers to find a safe and secure gateway to the digital economy.”
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralization, understanding the true potential of the blockchain.
