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 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 Ethereum 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.
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 mint and redeem tokens on demand.
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.
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.
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 November the first step on its amazing product journey.