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While the AUDD is its latest addition, it goes without saying that the UDPN has been quite keen on boosting the global digital currency ecosystem.
The Universal Digital Payments Network (UDPN) has taken up, by a notch, its bid to create a common ground for centralized and decentralized digital currency systems. This follows after it announced its decision to integrate the Australian Digital Dollar (AUDD), a multi-chain stablecoin, into its platform.
According to the Tuesday blog post, which shared the details of the announcement, the AUDD now joins the growing list of supported assets on the platform. This list already includes the US dollar and euro.
The move, while it expands the UDPN’s list of supported assets, also augurs well toward meeting the growing demands of the global digital economy.
UDPN to Bridge the Gap with Regulated Stablecoins
Launched at the World Economic Forum in Davos, UDPN was created to function as a SWIFT-like bridge for bank-issued and regulated digital currencies. So far, the network has been working tirelessly to live up to the aim of its original design. That is, to create a balance, an all-access connection between traditional financial systems and of digital currencies.
By integrating the Australian Digital Dollar, UDPN is not only improving its own platform but also offering businesses and financial institutions a better way to manage cross-border payments and financial operations.
As earlier noted, the AUDD is a multi-chain stablecoin developed by the fintech firm AUDC. It is fully collateralized, with each unit backed one-to-one by the Australian dollar.
The digital currency is accessible on major blockchain networks such as Stellar, XRP Ledger, and Ethereum. This means that it can be used for a wide range of services and has very few restrictions in terms of accessibility.
Speaking about the expectations from the new partnership, Effie Dimitropoulos, CEO of AUDC, expressed nothing but positive thoughts. He shares his optimism that the collaboration would “accelerate the adoption of AUDD both within Australia and globally, reducing friction and enhancing the flexibility of international payments”.
Expanding the Global Stablecoin Ecosystem
While the AUDD is its latest addition, it goes without saying that the UDPN has been quite keen on boosting the global digital currency ecosystem. Hence, the reason it previously integrated major stablecoins such as the US dollar (USD) and the euro (EUR) into its system. Notably, these two already established a strong foundation for global digital payments. However, the AUDD addition brings an even more comprehensive solution for businesses and financial institutions looking to use regulated stablecoins for international transactions.
It might be worth noting that the popularity of UDPN is under no question. At least, so does its track record suggesting, having already seen tier-1 banks like Deutsche Bank and Standard Chartered’s SC Ventures test its network for transferring and swapping USD Coin (USDC) stablecoins.
UDPN remains an attractive option for financial lenders and institutions across the globe. So much so that its success is reflected in its growing list of partners, which includes financial institutions from the US, Australia, Latin America, and Europe.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
