Ettle is launching an Australian Dollar cash backed stablecoin (AUDE) that is fully banked and redeemable. The Ettle stablecoin will be used for a vast array of use cases and will be independently audited to always ensure a cash backing for each and every stablecoin on issue.
Ettle has appointed an independent third-party auditor to attest to its fully banked treasury. Through regular and random attestations, the auditor will ensure that each and every AUDE Token is backed by real 1 for 1 cash reserves which are held by an independent and fully licensed custodian and trustee. Tokens are fully redeemable for their underlying AUD cash value.
AUDE is easily transferable on the blockchain and fully redeemable for its underlying cash backing to nominated bank accounts via Ettle’s banking partners. This offers a critical bridge between the traditional dollar-based economy and the emerging decentralised economy ensuring stability and certainty of value.
The Ettle stablecoin has a treasury that is securely held by a licensed and regulated banking institution and managed by a licensed trustee. This ensures fast, secure and efficient redemptions to your bank of choice.
Ettle will offer its AUDE stablecoin as an on-ramp for its web 3.0 partners as well as offering AUDE on multiple exchanges and multiple chains. Initially AUDE will be minted on Algorand, Ethereum and NEAR with more chains to come. Every AUDE token is fully redeemable for its underlying value from its fully banked treasury
Ettle will ensure that all AUDE redemptions meet its stringent KYC/AML compliance obligations. Users can be assured that Ettle satisfies the highest compliance and security standards possible to ensure the privacy and security of all its users and that the treasury balance always matches the tokens on issue.
Through its treasury partners, Ettle offers fast and easy redemption for your stablecoin 24 hours a day.
Using Smart Contracts, Ettle offers the potential of automated payments without third parties such as PoS and escrow. Being full redeemable and banked, AUDE offers all the value of real dollars with the exciting potential of the blockchain.
The Ettle platform is designed to facilitate cross chain swapping ensuring your AUDE can be applied to the broadest set of use cases across multiple chains.
Purchase BTC or ETH without needing to connect a bank account to your exchange and close out your position without needing to sell for cash or use bank transfers.
Move your trading balance easily between exchanges without exposing yourself to any volatility risk or needing a bank account with each exchange.
Minting coins and redeeming is all API based and using the fastest blockchains in the world AUDE ensures blazing speed for your transactions.
Ettle was incubated by Meld Ventures in October 2021 and formally established at the beginning of 2022. Ettle has both stablecoin infrastructure as well as technology that allows it to aggregate liquidity on the growing number of Algorand DEX's. The AUDE coin will provide a seamless on-ramp for Ettle users.
Through a partnership with licensed Trustee and Custodian, Ettle now has a compliant AUD stablecoin treasury infrastructure and expertise. The stablecoin will be backed 1:1 by an underlying fiat AUD treasury held in trust allowing users to easily transition between fiat and digital currency, unlocking numerous other innovative applications in addition to facilitating digital asset investments.
The Ettle team has be working extensively with commercial partners and legal practitioners to develop a robust compliance model incorporating full KYC and AML processes. Full testing and legal sign-off on the new processes was completed in May.
Ettle’s commercial partners and vendors play an important role in enabling the delivery of Ettle’s products and services. These partners include, but are not limited to, the custodian, trustee, auditor AML/CTF/KYC platforms, payments providers, exchanges and many more. Extensive testing of vendor applications and processes will be completed in June and final negotiations and commercial agreements will be signed by the end of July.
The Ettle engineering team will have completed the final integration and testing of partner integration including API integration into its banking partner for redemptions in preparation for Testnet Launch.
A significant milestone for Ettle, testnet launch will provide the opportunity for a select group of customers to trial a test minting of AUDE in conjunction with the Engineering Team. Marketing and community related initiatives will also play a more significant role in attracting and incentivising early adopters to the platform.
Following a productive and informative testnet launch, final refinement and improvements to the stablecoin infrastructure will be made. AUDE will be live on exchange partners in October the first step on its amazing product journey.
Read the Ettle litepaper. Learn more about Ettle’s key features and why it’s poised to be a major contributor to the Algorand ecosystem and revolutionise the Australian Dollar on the blockchain.