Australian blockchain fintech Ettle is hoping to introduce an Australian dollar stablecoin for business in 2023 in defiance of a jittery market following torrid year for the cryptocurrency space.
The startup has just completed a pilot transaction between business clients on its stablecoin infrastructure platform using the digital Australian dollar token AUDE. Reserve funds are held in trust by an Australian Financial Services Licensed (ASFL) trustee.
Ettle wants to make stablecoin infrastructure available for broader use in the first quarter of 2023, with AUDE initially offered to businesses seeking access to a digital Australian Dollar on the blockchain.
The fintech has developed a self-service portal and APIs that enable clients to integrate AUDE into payment flows. To address concerns with stablecoins, the business is underpinning the transactions with cash-backed treasury reserves will be held in Australia by The SILC Group, a trustee and custodian with an AFSL.
AUDE users will be able to store, convert, transact, and transmit 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 occur on other chains as use cases and demand grows.
“We are excited about the prospect of our technology democratising 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 which is what Ettle strives to be,” he said.
“Our intention has always been to build the most robust, transparent, compliant and trusted stablecoin in the world.”
Ettle partnered with NFT solutions venture Meadow Labs in the pilot transaction to one of its contractors for software development services.
It saw Meadow Labs minting AUDE using Ettle’s self-service client portal, then making payments to a contractor over both the Ethereum and Algorand blockchains. The contractor then redeemed AUDE using Ettle’s portal to receive fiat into their bank account.
The transaction was monitored by PKF Perth, with partner Chris Roos attesting to the veracity of the transaction.
“Trust and transparency are now more important than ever within the blockchain ecosystem and even more so for cash-backed stablecoins,” he said.
“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.”
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