The Universal Digital Payments Network has announced the integration of the Australian Digital Dollar into its platform, expanding its support for regulated stablecoins.
Launched in Davos as a bridge between centralized and decentralized digital currency systems, the Universal Digital Payments Network is expanding its list of supported assets with the integration of the Australian Digital Dollar, a multi-chain stablecoin.
In a Sept. 3 blog announcement, UDPN announced that AUDD would join the U.S. dollar and euro within its basket of supported assets, aiming to meet the growing demands of the digital economy by providing businesses with an alternative for managing financial operations.
UDPN adds support for Australian stablecoin
AUDD, which is collateralized one-to-one by Australian dollars and accessible on networks like Stellar, XRP Ledger, and Ethereum, 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 as a SWIFT-style system for bank-issued and regulated digital currencies, 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.
Developed by GFT Group and Hong Kong-based Red Date Technology, 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.