Macropod

Macropod is Australia's first licensed issuer of a fiat-backed stablecoin, offering AUDM: a programmable Australian dollar token redeemable 1:1 for AUD. Operated by Catena Digital Pty Ltd, the project holds Australian Financial Services Licence (AFSL) No. 566313 issued by ASIC and is registered with AUSTRAC (DCE100887005-001). AUDM launched on Ethereum in October 2025, expanded to Redbelly Network shortly after, and subsequently deployed on Solana and Base to broaden access for developers and institutions building on-chain financial applications with Australian dollars.

What Problem It Solves

Australia lacked a domestically regulated, fiat-backed stablecoin. Existing stablecoins pegged to the US dollar carry currency risk for Australian businesses and institutions, while algorithmic and offshore options lack the regulatory protections required by Australian financial law. Macropod addresses this gap by issuing AUDM under a full AFSL, meaning holders have statutory protections over reserve assets that sit outside the issuer's balance sheet.

How It Works

AUDM uses a mint-and-redeem mechanism. A client deposits Australian dollars into a segregated trust account held at an Authorised Deposit-Taking Institution (a Big Four Australian bank). Macropod's platform mints an equivalent amount of AUDM directly into the client's wallet. When the client redeems, AUDM tokens are burned and the corresponding AUD is returned via bank transfer through Australia's New Payments Platform (NPP).

On-chain, AUDM is implemented as an ERC-20 token on Ethereum and Base, using an upgraded OpenZeppelin contract architecture that separates storage from logic, allowing Macropod to patch or extend the contract without disrupting existing balances. On Solana, the token mint address is CiYXBwHPrdNkMtxR8YEWKv78K6bQjFoEWhPQrZqEmubi.

All AUD reserves are held on behalf of AUDM holders in a trust structure that legally segregates them from Macropod's operating capital. The company publishes monthly supply and reserve reports and undergoes independent quarterly reconciliation. As of 1 August 2026, Macropod reported approximately 2.1 million AUDM in circulation backed by approximately 2.1 million AUD in reserves.

Regulatory Framework

AUDM is classified by ASIC as a Non-Cash Payment Facility under the Corporations Act 2001 (Cth). Macropod operates under ASIC's Corporations (Stablecoin Distribution Exemption) Instrument 2025/631, which runs until June 2028 and allows licensed exchanges and brokers to distribute AUDM without requiring separate market or clearing licences.

AUSTRAC registration subjects Macropod to Australia's AML/CTF Act, including customer due diligence, transaction monitoring, and suspicious matter reporting. Macropod uses on-chain analytics to generate suspicious matter reports automatically. Two executives serve as ASIC-designated Responsible Managers under Regulatory Guide 105.

Security Architecture

Private key management uses Multi-Party Computation (MPC) via Fireblocks, eliminating single points of failure. Threshold signing ensures that critical operations such as smart contract deployment and minting require a quorum of Responsible Managers with multi-factor authentication and biometric verification before any transaction is signed.

Smart contracts were independently audited by OpenZeppelin, whose upgradeable proxy architecture (UUPS / ERC-1822) underpins the deployment. Role-Based Access Control (RBAC) segregates on-chain write functions across three domains: operations (mint/burn), technology (contract administration), and compliance (DenyList, token recovery, pause/unpause). This ensures no single actor can unilaterally control minting, sanctions enforcement, and emergency halts simultaneously.

The DenyList function allows Macropod to block sanctioned wallets from holding or transferring AUDM, satisfying Australian and international sanctions obligations. A recovery function permits compliance staff to transfer or burn tokens held by blocked addresses. A pause mechanism can freeze all token operations during regulatory actions or security incidents without losing balances or contract state.

Products and Use Cases

The Macropod Platform serves retail users, institutional investors, and enterprise developers. Retail and business users can mint and redeem AUDM directly at app.macropod.com. Exchange listings include OKX Australia, Independent Reserve, BTC Markets, and LMAX for institutional spot trading; Zodia Custody became the first custodian to support AUDM.

The Enterprise API gives partners programmatic access to 47 HMAC-SHA256-signed operations covering customer onboarding, bank account and wallet attachment, deposit rail activation, and twelve webhook event types. It targets payments platforms, treasury workflows, FX automation, and DeFi protocols needing Australian dollar liquidity.

AUDM settled two use cases in the Reserve Bank of Australia's Project Acacia: a tokenised managed investment scheme and Australia's first tokenised wholesale corporate bond.

Team

Macropod was founded as a joint venture between MHC Digital Group and Catena Digital, a company established by former National Australia Bank executives.

Drew Bradford (CEO) spent 35 years in global finance, leading trading and derivatives at NAB and Deutsche Bank before founding Macropod. Rob Waugh (CTO) led the launch of NAB's first bank-issued stablecoin before taking the CTO role at Catena Digital. Delia Burrage (COO and General Counsel) brings two decades in top-tier legal and compliance roles across Asia-Pacific banks and hedge funds.

The broader team draws from ASX (John Pearce, formerly head of Austraclear, Australia's central securities depository for debt securities with over three trillion dollars in securities), OKX Australia, HSBC, Macquarie Bank, ANZ, JPMorgan, Westpac, and KPMG. The board includes Hamish McLennan, a prominent Australian business figure.

Investors include BetaShares (lead investor in the strategic round), Galaxy Digital, Flowdesk, DACM, and Primal Capital.

Solana Fit

AUDM's deployment on Solana brings a regulated, AUD-denominated settlement asset to an ecosystem otherwise dominated by USD-pegged stablecoins. For Australian users, protocols, and institutions operating on Solana, AUDM removes the currency conversion step required when using USDC or USDT for domestic payment flows, payroll, or yield strategies denominated in Australian dollars. The Solana deployment, combined with the existing Ethereum and Base contracts, gives liquidity providers and DeFi builders a multi-chain AUD rail operating under full Australian regulatory oversight.