Blockchain fintech startup of Australia, Ettle  Pty Ltd. shared a press release stating that it has successfully completed a fully-reserved pilot transaction between business clients on AUDE, a recently launched Australian dollar-token stablecoin.

The stablecoin, AUDE is running on Ethereum, Algorand, and other EVM-compatible blockchains. The press release mentions that “Reserve funds held in trust by an Australian Financial Services Licensed trustee and reserve assets to be independently attested.”

The fintech startup firm will provide a platform, a self-service portal, and APIs for users to mint and redeem stablecoin infrastructure. For the recent pilot transaction, Ettle partnered with Meadow labs, to make digital Australian dollar payments to one of its contractors for software development services.

The company informed that it aims to expand the availability of stablecoin infrastructure for broader use by the first quarter of 2023, especially for businesses looking for access to a digital Australian Dollar on the blockchain. 

James Hill Ettle CEO said, “We are excited about the prospect of our technology democratizing 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.” 

The users of AUDE can use a variety of distribution partners to transact, store, convert and transmit digital Australian dollars on multiple blockchains. The SILC Group, a trustee and custodian holding an Australian Financial Service Licence (AFSL) and will hold cash-backed treasury reserves.

AUDE users will be able to store, convert, transact, and transmit digital Australian dollars on multiple blockchains using a wide range of distribution partners. Cash-backed treasury reserves will be held in Australia by The SILC Group, a trustee and custodian holding an Australian Financial Service Licence (AFSL).

“We believe that the future success of the web3 economy will be dependent on the use of trusted and reliable stablecoin infrastructure which is what Ettle strives to be,” informed James Hill Ettle.

Chris Roos Partner at PKF Perth said, “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.”

In the growing list of Australian dollar-backed stablecoins, Ettle’s stablecoin is now also been added. In the start of November, Novatti Group Limited, one of the leading Australian Fintech companies, also launched its own AUDD – a stablecoin on Stella blockchain.

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