Australian blockchain fintech Ettle hopes to introduce an Australian dollar stablecoin for the business in 2023 amid a jittery market after a tumultuous year for the cryptocurrency space.
The startup has just completed a pilot transaction between corporate customers on its stablecoin infrastructure platform using the Australian dollar digital token AUDE. Reserve funds are held in trust by an Australian Financial Services Licensed (ASFL) trustee.
Ettle wants to make stablecoin infrastructure available for wider use in the first quarter of 2023, with AUDE initially offered to businesses seeking access to a digital Australian dollar on the blockchain.
Fintech has developed a self-service portal and APIs that enable clients to integrate AUDE into payment flows. To address issues with stablecoins, the business underpins the transactions with cash-backed government reserves that will be held in Australia by The SILC Group, a trustee and custodian with an AFSL.
AUDE users will be able to store, convert, trade and transfer digital Australian dollars on multiple blockchains using a wide range of distribution partners. Algorand is the root blockchain for AUDE with Ethereum also available at launch.
Ettle CEO James Hill said further development will take place on other chains as use cases and demand increase.
“We are excited about the opportunity for our technology to democratize Australian dollars on the growing web3 ecosystem. We believe that the future success of the web3 economy will depend on the use of reliable and trustworthy stablecoin infrastructure which is what Ettle strives to be, he said.
“Our intention has always been to build the most robust, transparent, compatible and reliable stablecoin in the world.”
Ettle partnered with NFT Solutions venture Meadow Labs in the pilot transaction for one of its software development services contractors.
It saw Meadow Labs mint AUDE using Ettle’s self-service client portal, then pay a contractor over both the Ethereum and Algorand blockchains. The entrepreneur then redeemed the AUDE using Ettle’s portal to receive fiat into their bank account.
The transaction was monitored by PKF Perth, with partner Chris Roos confirming the veracity of the transaction.
“Trust and transparency are now more important than ever in the blockchain ecosystem and even more so for cash-backed stablecoins,” he said.
“We have worked closely with Ettle to develop a robust process where we can independently monitor and certify that the AUDE reserve is always in excess of tokens on issue.”
