UDPN Adds Support for Australian Digital Dollar Stablecoin AUDD

The Universal Digital Payments Network has announced the integration of the Australian Digital Dollar into its platform, expanding its support for regulated stablecoins.

The Universal Digital Payments Network (UDPN) has announced the integration of the Australian Digital Dollar (AUDD) into its platform, expanding its support for regulated stablecoins.

Launched in Davos as a SWIFT-style system for bank-issued and regulated digital currencies, the UDPN has already seen tier-1 banks like Deutsche Bank and Standard Chartered’s SC Ventures test the network for transferring and swapping USD Coin (USDC) stablecoins.

Now, the network is adding support for the Australian Digital Dollar, a multi-chain stablecoin pegged to the Australian dollar and accessible on networks like Stellar, XRP Ledger, and Ethereum.

According to a Sept. 3 blog announcement, AUDD will join the U.S. dollar and euro within UDPN’s basket of supported assets, aiming to meet the growing demands of the digital economy.

“This integration will provide businesses with an alternative to traditional methods for managing their financial operations, particularly in the realm of international payments,” the announcement reads.

AUDD, which is reportedly collateralized one-to-one by Australian dollars, was developed by fintech firm AUDC. Effie Dimitropoulos, CEO of AUDC, stated that the collaboration is expected to “accelerate the adoption of AUDD both within Australia and globally, reducing friction and enhancing the flexibility of international payments.”

Launched in 2023, UDPN has attracted dozens of partners, including financial lenders from the U.S., Australia, Latin America, and Europe, who are running their own tests on the network.

The network is designed to provide a common infrastructure for banks and other financial institutions to issue, trade, and settle digital currencies, with a focus on ensuring regulatory compliance and interoperability between different systems.