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

The Universal Digital Payments Network has expanded its support for regulated stablecoins by announcing the integration of the Australian Digital Dollar onto its platform.

Launched in Davos as a bridge between centralized and decentralized digital currency systems, the Universal Digital Payment Network is expanding the list of supported assets with the integration of the Australian Digital Dollar, a multi-chain stablecoin.

UDPN announced in a blog post on September 3 that AUDD will add US dollars and euros to its basket of supported assets, aiming to meet the growing demands of the digital economy by providing businesses with an alternative to manage financial operations.

UDPN adds support for Australian stablecoin

Collateralized one-to-one with the Australian dollar and accessible on networks such as Stellar, XRP Ledger and Ethereum, AUDD was developed by fintech firm AUDC. The collaboration is expected to “accelerate the adoption of AUDD both within Australia and globally, reduce friction and increase the flexibility of international payments,” said AUDC CEO Effie Dimitropoulos.

Launched in 2023 as a SWIFT-style system for digital currencies issued and regulated by banks, UDPN has seen top-tier banks such as Deutsche Bank and Standard Chartered’s SC Ventures test the network to transfer and swap USD Coin (USDC) stablecoins.

Developed by GFT Group and Hong Kong-based Red Date Technology, UDPN has attracted dozens of partners, including financial institutions from the US, Australia, Latin America and Europe, who are conducting their own tests on the network.