eAUD was launched by the Reserve Bank of Australia (RBA) together with the Digital Finance Corporate Research Center (DFCRC) in March.
Canvas noted that this case examined the functions of eAUD in tokenized currency settlements to identify the advantages of state-owned stackablecoin versus fiat currencies and current payment platforms.
The eAUD transaction was instantaneous, whereas regular foreign currency transactions are slow and have high fees, and errors cannot be ruled out.
The transaction was made in Canvas’s decentralized Connect app. It is a Layer 2 solution for the Ethereum network that uses StarkWare’s Zero Disclosure Rollups (ZK Rollups) technology.
Canvas CEO David Lavecky called the transaction “historic,” adding that eAUD could solve problems common to foreign exchange and remittance markets.
In particular, the digital Australian dollar can reduce transaction times, lower transaction fees and provide transparency in the payment process.
At the end of last year, the Reserve Bank of Australia received more than 140 proposals to use its digital currency in various industries, which shows the great interest of organizations in eAUD.
At the same time, the regulator has concerns that CBDC may displace the state currency.