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- AUDC Pty Ltd has announced that the Australian Digital Dollar has officially launched on the Hedera Network.
- This means that its transactions are going to be fast and cost next to nothing, thanks to its hashgraph technology.
In 2022, USDC, the popular U.S. dollar-backed stablecoin from Circle, made its way onto the Hedera Network, providing users with a fast and secure way to transfer digital dollars. Now, there’s a new addition to the stablecoin lineup. AUDC Pty Ltd has officially launched the Australian Digital Dollar (AUDD) on Hedera, giving Aussies a homegrown, blockchain-based alternative.
AUDD is a fully-backed stablecoin tied directly to the Australian Dollar (AUD). It’s designed to be a reliable, regulated option for everything from everyday payments to big enterprise transactions. Whether it’s real-time settlements, cross-border transfers, or powering the next wave of digital commerce.
Why Choose Hedera?
With its official launch on the Hedera Network, AUDD benefits from Hedera’s capabilities. Unlike traditional blockchains, Hedera runs on Hashgraph, a next-generation distributed ledger technology designed for speed, security, and efficiency. At its core, it uses a unique consensus mechanism known as Gossip-about-Gossip combined with Virtual Voting, enabling transactions to settle in just 3 to 5 seconds with throughput reaching over 10,000 transactions per second.
It also features Asynchronous Byzantine Fault Tolerance (aBFT), one of the highest standards of security in distributed systems. For AUDD, this means near-instant settlement, minimal energy use, and ultra-low fees, around $0.0001 per transaction. AUDD is issued using the Hedera Token Service (HTS), which allows native token functionality like minting, burning, and transferring, without the need for smart contracts. It’s also highly programmable with features like KYC/AML enforcement, account freezing, and supply controls, all built in. Governance is another major strength of Hedera.
It’s run by a decentralized council of up to 39 trusted global organizations, including Google, IBM, Dell, Standard Bank, and Shinsei Bank, which adds a strong layer of institutional trust, especially crucial for stablecoins like AUDD. Additionally, AUDD can leverage Hedera’s Smart Contract 2.0, which is EVM-compatible and runs on the Hedera Virtual Machine (HVM), providing developers with the flexibility to build robust financial applications using familiar Ethereum tools while benefiting from Hedera’s performance edge.
Commenting on this, Sabrina Tachdjian, Head of Fintech & Payments at HBAR, stated, “The launch of AUDD as a native token on Hedera is a transformative moment for both the network and the global stablecoin landscape. AUDC’s work aligns strongly with our goal of advancing real-world financial use cases on Hedera, from cross-border or micro payments and digital marketplaces to ESG reporting and green asset flows.”
HBAR Market Update
The Securities and Exchange Commission (SEC) has its hands full, with about 72 crypto ETFs still waiting for approval, and the backlog isn’t getting any shorter. One of the more interesting ones in the mix is from Grayscale, which was filed back in March for its sixth altcoin ETF, this time centered on Hedera. As CNF reported, the SEC recently hit the pause button again, asking for more public feedback, and something similar just happened with Canary Capital’s HBAR-focused ETF, which popped up on June 10.
As for HBAR, well, it’s been a rough stretch. The token’s trading around $0.1471 right now, which is down 12% in just the last 24 hours, and over the past month, it’s taken a deeper cut of more than 25%. Volume’s slipping too, off by about 14%, landing around $134 million.
