MHC Digital Group, an institutional digital assets platform, has announced a joint venture with Catena Digital to establish Macropod, an Australian dollar-backed stablecoin platform.

The stablecoin, to be listed under the ticker AUDM, will be issued on a one-to-one basis against Australian dollars held in trust with a major Australian bank.

It will operate under regulatory oversight and provide monthly proof-of-reserves attestations.

The venture combines MHC Digital Group, led by Mark Carnegie, with Catena Digital, founded by former National Australia Bank executives and headed by Chief Executive Drew Bradford.

According to the partners, Macropod aims to provide a scalable and compliant framework for an institutional-grade stablecoin.

“This is the missing piece of digital infrastructure in Australia,”

said Mark Carnegie, Founder and Executive Chairman of MHC Digital Group.

“Stablecoins are already the fastest-scaling asset class in financial history, and demand from exchanges, wealth platforms and fintechs for compliant Australian dollar rails is at an all-time high. Macropod will deliver the trust, scale and connectivity institutions have been waiting for.”

The development reflects broader global momentum for stablecoins.

Japan recently approved a licensed yen-backed token (JPYC), while in the US, the Genius Act has signalled regulatory recognition of stablecoins’ role in the financial system.

MHC has previously worked with Circle, the issuer of USDC, to expand institutional access to digital dollars in Australia and the wider Asia-Pacific region.

Under the terms of the 50/50 joint venture, Catena’s leadership will move into Macropod’s senior management, with Drew Bradford as Chief Executive.

MHC will contribute capital, strategic input and infrastructure, including trading, settlement and liquidity support through its trading platform, MHC Markets.

The launch comes at a time when stablecoins are experiencing rapid growth.

They enabled more than US$26 trillion in transactions globally in 2024, with volumes projected to exceed US$3 trillion annually by 2030.

Increasingly, this activity is linked to practical applications such as payments, treasury operations and tokenised assets.

Despite this, Australia has not yet developed a licensed, Australian dollar-denominated stablecoin, which Macropod intends to address.

Regulatory guidance is evolving, supported by ASIC’s Info Sheet 225, the federal government’s pro-fintech position, and the Reserve Bank of Australia’s Project Acacia.

Catena is leading one of the use cases within the project, focused on stablecoin settlement for tokenised financial markets.

Macropod will begin by holding reserves in segregated trust accounts with an Australian authorised deposit-taking institution.

It will offer real-time application programming interfaces to allow partners to issue or redeem AUDM and to integrate the stablecoin within their platforms.

The stablecoin will initially operate on Ethereum and Redbelly, an Australian-developed blockchain.

The venture will also operate under regulatory oversight, including an Australian Financial Services Licence and Digital Currency Exchange registration with Austrac.

“Macropod is the only team in the market with the licences, partnerships and infrastructure to compliantly scale a stablecoin in Australia,”

said Mark Carnegie.

“Launching at a time of accelerating global adoption, we are providing the country with a trusted onshore option to meet surging demand. Together with Catena, this partnership is building the foundation for Australia’s digital asset economy.”

Featured image credit: Edited by Fintech News Singapore, based on image by MMollaretti via Freepik