Unveiling Forte AUD (AUDF): A stablecoin backed by the Australian dollar.
Asset: Forte AUD (AUDF)
Category: Australian dollar backed stablecoin.
BTC Markets listing date: 1st February 2024.
Forte AUD (AUDF): Australia's stablecoin.
What is a stablecoin?
Stablecoins are cryptocurrencies whereby the value is pegged, tied, or backed to that of a currency, commodity, or financial instrument.
There are three types of stablecoins:
- Fiat collateralised stablecoins: Fiat Collateralised Stablecoins are backed by a reserve of a fiat currency as collateral assuring the stablecoin’s value. Reserves are maintained by independent custodians and are regularly audited. USDT and USDC are two popular USD dollar backed fiat collateralised stablecoins.
- Crypto collateralised stablecoins: Crypto collateralised stablecoins are backed by other cryptocurrencies.
- Algorithmic stablecoins: Algorithmic stablecoins are a cryptocurrency governed by algorithms, to dynamically reduce the price of a specific asset, such as the US dollar.
Forte AUD is a fiat collateralised stablecoin.
Forte AUD (AUDF) is a stablecoin pegged to the Australian Dollar (AUD). AUDF represents a convergence of traditional finance and blockchain technology, developed by Forte Tech Solutions Pty Ltd (FTS). AUDF has been engineered to facilitate simple, fast, and cost-effective transactions on a global scale, providing uninterrupted access to payments and financial solutions.
Unlike other cryptocurrencies that fluctuate in price, AUDF is designed to maintain price equivalence to the Australian dollar. AUDF is a stable store of value that benefits from the speed and security of blockchain technology.
AUDF's Potential use cases.
- Borderless transactions: AUDF provides an alternative to fiat transfers and payments domestically and internationally.
- Hedging: AUDF provides an Aussie option for traders to hedge against market volatility.
- Liquidity: AUDF provides traders the ability to transfer 24/7 between trading platforms.
Proof of reserves and auditing.
AUDF prioritises transparency through proof of reserves and regular auditing. AUDF tech is audited by Source Hat (USA) and the financial reserves are audited by MVA Bennett (Melbourne).
The financial reserves audits are conducted monthly. The first report can be found here.
Forte Tech Solutions Pty Ltd (“FTS”), is an OTC dealer offering innovative and bespoke solutions via digital assets for institutions and wholesale clients.
The team behind AUDF comprises of a group of individuals from traditional brokerage, digital asset exchanges and leading systematic trading funds. They have been an important contributor in the industry since 2017 and have come together to bring their expertise to build an innovative digital monetary solution for Australian's.
AUDF currently operates on the Ethereum, Avalanche, and Polygon blockchains, emphasising interoperability, security, and global reach. Leveraging the ERC-20 standard, AUDF ensures seamless integration into decentralised applications, platforms, and exchanges, offering users 24/7 access to its ecosystem.
Legal and regulatory compliance.
Forte Tech Solutions Pty Ltd, established in 2021, is registered as a Digital Currency Exchange Service (100788879-001) and Independent Remittance Dealer under AUSTRAC, (IND100788879-004) ensuring compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
AUDF stands as a promising bridge between traditional and digital finance, providing stability and reliability to users. Its innovative technology stack, commitment to transparency, and proactive risk management position it as a significant player in the evolving cryptocurrency landscape.
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