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’s 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’. 

As per its 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 each and every stablecoin on issue.”

Ettle has also selected a third-party auditor (PKF-Perth) to confirm its fully banked treasury. With the help of random and regular verifications, the auditors will ensure that each AUDE token is in the ratio of 1:1 for cash reserves which are held by a self-governing and fully-licensed custodian and trustee. 

Ettle will offer its AUDE stablecoins to as on-ramp for its web3 partners along with offering AUDE on multiple exchanges and multiple chains. At start, 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 the current CEO and founder James Hill. 

CEO James Hill said- “We are excited about the prospect of our technology democratizing Australian dollars on the growing Web3 ecosystem,” he added, “We believe that the future success of the Web3 economy will be dependent on the use of trusted and reliable stablecoin infrastructure.”

According to media reports, Ettle introduced the AUDE stablecoin for business purposes, who are looking forward to a digital Australian-dollar soon in early2023. 

Stablecoins are cash but on blockchain – essentially digital money – which are pegged to fiat currencies like the US dollar, or central bank digital currencies (CBDCs), which are finally regulated by the country’s central bank. In this case, it is the Australian dollar.

Who are the Other Players ?

This year, there were many U.S. dollar-pegged stablecoin tokens that were launched, such as Paxos’ Paxos Standard Dollar (PAX), Winklevoss brothers’ Gemini Dollar (GUSD), Circle’s USD Coin (USDC), etc.

As per the announcement in Money 20/20 conference at Las Vegas, Novatti Group Ltd, Australia’s leading fintech company, confirmed to issue a new stablecoin starting from November 19. Novatti’s token will be the first AUD-pegged digital asset on the Stellar blockchain. 

As per media reports, in March 2022, a stablecoin (A$DC) launched by Australia’s biggest bank, ANZ Banking Group, became the nation’s first dollar-backed stablecoin, 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 is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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