SWIFT-like bridge for stablecoins UDPN adds support for Australian Digital Dollar

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As a researcher with a keen interest in digital finance and blockchain technology, I find the integration of the Australian Digital Dollar (AUDD) into the Universal Digital Payments Network (UDPN) incredibly intriguing. With my background in fintech and my fascination for the intersection of traditional finance and decentralized systems, I have been closely monitoring the developments in this space.

The Universal Digital Payments Network has revealed plans to incorporate the Australian Digital Dollar within its system, thus broadening its ability to handle approved stablecoins.

The Universal Digital Payments Network, initially introduced at Davos as a link between traditional and blockchain-based digital currencies, is now incorporating the Australian Digital Dollar – a versatile stablecoin operating across multiple platforms – into its growing asset portfolio.

On September 3rd, UDPN declared that AUDD will be added to their list of supported currencies, which includes the US dollar and euro. This move is intended to cater to the increasing needs of the digital economy by offering businesses an alternate method for handling financial transactions.

UDPN adds support for Australian stablecoin

The digital currency known as AUDD, backed dollar-for-dollar by Australian dollars and usable on platforms such as Stellar, XRP Ledger, and Ethereum, was created by fintech company AUDC. As per Effie Dimitropoulos, CEO of AUDC, this partnership is anticipated to speed up the acceptance of AUDD not only within Australia but also globally, decreasing obstacles and improving the agility of international transactions.

2023 saw the debut of UDPN, a platform resembling SWIFT but designed specifically for bank-backed and regulated digital currencies. Notably, major banks such as Deutsche Bank and SC Ventures from Standard Chartered have already tested this network by using it to exchange and swap USD Coin (USDC) stablecoins.

The collaboration between GFT Group and Red Date Technology has resulted in UDPN, a network that has garnered interest from numerous partners, such as financial institutions from countries like the United States, Australia, Latin America, and Europe. These entities are actively conducting trials on this network themselves.

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2024-09-03 10:14