Australian company Ettle introduces its Stablecoin AUDE. Australian blockchain finance startup Ettle Pty Ltd has won a showcase of transactions between corporate clients on its infrastructure platform using the Australian Dollar Virtual Token AUD$E.
Partnership between Ettle and Meadow Laboratories
In a test, Ettle worked with Meadow Labs, a company that provides NFT development solutions, to deliver a digital Australian dollar to one of its employees that provides software development services. In order to complete the transaction, Meadow Labs first created AUD.E using Ettle’s unique self-service client pre-paid system through the Ethereum and Algorand blockchains. After that, the businessman used Ettle’s portal to redeem AUDE, receiving fiat in his bank account. In the first quarter of 2023, according to Ettle, the stablecoin will be made available to investors who want to have digital Australian dollars.
Using AUDE Stablecoin
The value of stablecoins, such as AUDE, is pegged to Australian dollars rather than US dollars, which is the norm. Instead of using a platform provided by a third party, such as Visa, they can streamline the process, reducing the risk of each page and speeding up transactions.
Clients can include AUD.E in payments through APIs and self-service sites built by Ettle. The main blockchain for AUD$E is Algorand, with Ethereum support at launch. As use cases and demand grow, further development will be done in other channels.
AUDE’s affiliation with other institutions
Renowned Australian fintech startup Novatti Group Limited launched its stablecoin, AUDD, on the Stella blockchain on November 1, adding AUDE to the growing number of Australian dollar-backed stablecoins. Customers can exchange AUDD with Australian dollars online or through the company’s app directly 1:1.