According to a statement, Australian blockchain fintech startup Ettle Pty Ltd. has completed the first transaction on its recently launched Australian dollar-pegged stablecoin, AUDE.
The AUDE transaction was completed between business clients for software development services on Ethereum, Algorand, and soon other Ethereum Virtual Machine compatible blockchains.
In the first quarter of 2023, Ettle plans to make the stablecoin available to businesses seeking exposure to a digital Australian dollar.
Stablecoins are cryptocurrencies whose value is tied to an underlying asset, most commonly the US dollar, but in the case of AUDE, the Australian dollar.
They can settle on-chain rather than through a third-party platform like Visa, reducing counterparty risks and transaction times.
On November 1, leading Australian fintech company Novatti Group Limited launched its own stablecoin, the AUDD, on the Stella blockchain, joining a growing list of Australian dollar-backed stablecoins.
Customers will be able to exchange the AUDD directly for Australian dollars via the company’s online platform or app.
ANZ Banking Group, one of Australia’s major banks, launched its own Australian dollar-pegged stablecoin, A$DC, earlier this year and completed its first transaction in March.
In June, the Victor Smorgon Group purchased tokenized carbon credits with A$DC.