Ettle, an Australian fintech firm has launched its first Australian dollar fully-reserved stablecoin AUDE- The announcement was made in a press release by Ettle saying it has successfully facilitated a transaction between business clients using AUDE.
James Hill, Ettle Pty Ltd Chief Executive Officer said, ‘’ we are excited about the prospect of our technology democratizing Australian dollars on the growing Web3 ecosystem. We believe that the future success of the Web3 economy will be dependent on the use of trusted and reliable stablecoin infrastructure ‘’
AUDE blockchain token
AUDE is a digital Australian dollar minted on Ettle’s stable coin infrastructure platform. It is a blockchain token and among the growing list of Australian-dollar-backed stablecoins. According to the firm, it is also using Algorand and Ethereum blockchain with additional blockchain.
Australian Financial Services licensed trustee has the reserve funds for AUDE, and reserve assets are independently attested. Startup Ettle offers to redeem stablecoin infrastructure via a self-service portal and APIs.
Moreover, 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 tokens on issue.”
