The Australian Digital Dollar (AUDD) is a stablecoin designed to mirror the value of the Australian dollar (AUD).
The AUDD stablecoin is pegged 1:1 to the Australian dollar, and each token is collateralized by Australian dollars held in reserves. In addition to cash, the company also holds corporate bonds, loans, and various cash equivalents (like Treasury bills and Bonds).
AUDD is available on multiple blockchains, including Ethereum (as an ERC-20 token), Stellar, and the XRP Ledger, making the stablecoin interoperable across different networks and financial systems.
Who created AUDD?
AUDD was created by AUDC Pty Ltd., an Australian fintech company focused on blockchain technology and a subsidiary of Novatti Group.
Novatti Group is a publicly listed company on the Australian Securities Exchange (ASX: NOV) and regulated by the Australian Securities and Investments Commission (ASIC). This regulatory oversight enables AUDC to operate within a compliant framework.
AUDC manages the AUDD stablecoin, and fully backs 1:1 by AUD in reserves so that anyone wishing to redeem AUDD for AUD can do so. TAUDC releases quarterly reports detailing the reserves and posts them on their website where anyone interested can see them.
How does AUDD work?
AUDD operates through a system of minting and burning tokens based on user demand.
If someone wishes to purchase AUDD, they can deposit AUD with the issuer, who then mints (or creates) and equivalent amount of AUDD stablecoin and sends it to the user’s wallet.
If the purchaser wishes to redeem their AUD, they can send the AUDD back to the issuer who will burn (destroy) the stablecoins and return the corresponding AUD back to them.
AUDC undergoes regular audits by external firms to verify its reserves and ensure the integrity of the AUDD stablecoin.
Why use AUDD and stablecoins?
AUDD provides a bridge between traditional finance and the crypto ecosystem by offering the stability of the Australian dollar with the speed, efficiency, and 24/7 accessibility of blockchain technology. This makes it a valuable tool for traders, exchanges, and anyone seeking to transact with a stable digital currency.
For example, AUDD's stability and versatility make it suitable for things like:
- Remittances: Individuals can send money across borders quickly and affordably
- E-commerce and payments: Businesses can accept AUDD as a fast, secure and borderless payment option.
- DeFi participation: AUDD is compatible with many DeFi protocols across various networks, opening up opportunities for anyone to engage in activities like lending, borrowing, and yield farming.
AUDD essentials
- AUDD is a stablecoin pegged to the Australian dollar (AUD), offering a reliable and transparent way to transact with a digital representation of the AUD.
- It is issued and managed by AUDC, a subsidiary of the publicly listed and regulated Novatti Group, ensuring compliance and trust.
- AUDD operates on a mint-and-burn mechanism, with each token fully backed by AUD reserves, and its use cases range from remittances and payments to DeFi participation.
How to buy AUDD?
You can buy the AUDD coin on Bitstamp. Sign up for a Bitstamp account and start trading AUDD today!
- Buy Australian Digital Dollar (AUDD) with Euro
- Buy Australian Digital Dollar (AUDD) with Dollar
Disclosure: Bitstamp is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.