Australia's First Stablecoin Retail Payment Made on Base Blockchain

Australia has taken a significant step towards embracing blockchain-based retail payments with the completion of its first retail payment using a stablecoin.

The transaction, which took place on May 21st at a Malaysian takeaway store in Sydney, involved the use of AUDD, an Australian dollar-backed stablecoin issued by AUDC Pty Ltd under Australian Financial Services Licence number 700123.

The settlement occurred almost instantly on-chain through Coinbase's Ethereum Layer-2 network, bypassing traditional card payment intermediaries and resulting in lower fees for merchants.

This development is significant as it showcases Australia's existing regulatory structure for stablecoins, which allows licensed issuers to operate under financial services laws.