Enterprise-grade blockchain XDC Network has partnered with Australian stablecoin, Australian digital dollar (AUDD) to launch a new blockchain-based payments infrastructure. The collaboration aims to reduce settlement times for transactions between Australia and the US.
The new system involves a liquidity pool for AUDD to US stablecoin, USD Coin (USDC), set up on decentralised exchange, Curve Finance. With AUDD and USDC acting as reserved digital representations of the Australian dollar and US dollar respectively, and with deep liquidity in the Curve pool, conversion is near-instant.
Beny Mohammadkhani, head of growth at XDC Network, observes that adoption of blockchain-based settlement is growing. He believes that the popularity of the technology is due to better liquidity and reduced transaction costs, and because it allows businesses to operate with better clarity.
