AUDT is a stablecoin that is hosted on the Ethereum blockchain and backed 1:1 with Australian dollars (AUD). As an Ethereum token, AUDT can be stored on the blockchain, transferred freely to other users, and traded against other cryptocurrencies.AUDT enables users to move money into and out of the blockchain ecosystem from an Australian bank account, providing a fiat gateway for Australian users. The token is fully compliant with Austrac, Australia’s financial intelligence agency, which sets out the requirements and best practices for cryptocurrency and fintech initiatives.The project was launched by Australian crypto company Chrono.tech, which was founded in 2017 to revolutionise the recruitment and HR sectors using blockchain technology. Chrono.tech was crowdfunded with the sale of 710,113 TIME tokens, the native token for the Chrono ecosystem of blockchain products and services. Chrono.tech is responsible for two other major initiatives beyond AUDT. TimeX is a hybrid Plasma-based cryptocurrency exchange that combines both centralised and decentralised technologies to provide a secure, user-friendly trading experience. Along with USDT, AUDT is one of the key fiat currencies traded on TimeX. The exchange is also one of the major platforms to list TIME tokens. Chrono.tech’s flagship product is LaborX, a blockchain-based freelance work exchange. LaborX uses smart contract-based digital agreements and escrowed cryptocurrency payments (including ETH, USDT and AUDT) to organise and settle work directly between freelancers and customers, no matter where they are based in the world, without any third parties required.