Stablecoin issuer AUDC has further strengthened its leadership team with two senior executive appointments.
Following the launch of its New Zealand dollar stablecoin (NZDSC) this month, the firm has appointed Andrew Kitchen as chief financial officer and José Barosso as general manager of growth, as it positions itself for its next phase of expansion.
The appointments also follow the hiring of a head of product & operations and a chief technology officer in May, as the firm focuses on scaling and driving adoption of its Australian dollar-backed stablecoin, AUDD.
NZDSC builds on the success of AUDD, which has processed more than $2 billion in transactions to date. Backed by fiat reserves and pegged 1:1 to the Australian and New Zealand dollars respectively, AUDD and NZDSC are designed to enable real-time, 24/7 payments and reduce settlement times from days to near-instant.
Joining AUDC as CFO, Kitchen will lead the company’s financial strategy, governance and operational discipline as it scales regulated digital payment infrastructure across Australia, New Zealand and global markets.
He brings over 30 years of experience across finance, governance and leadership in banking, insurance, fintech and broader financial services, holding senior roles at Westpac, IAG and Macquarie Group, as well as CFO positions at BNK Banking Corporation and fintech start-up Hay.
Meanwhile, Barroso’s growth role will see him focus on accelerating AUDD’s adoption through expanded distribution channels, partnerships and real-world use cases.
His 20 years of experience in driving commercial expansion, partnerships and market development across financial services and fintech includes roles at Zai (Assembly Payments), Securepay and Catch.
Commenting on the new hires, AUDC chief executive Effie Dimitropoulos said they reflect both the pace of growth within the company as well as the broader evolution of the stablecoin market.
“These appointments are about ensuring we have the right leadership in place to scale with the growth we’re seeing across the business,” Dimitropoulos said.
“As adoption of stablecoins accelerates across payments, financial institutions and global markets, we are focused on building the capabilities required to support that demand, expand into new markets and continue delivering trusted, regulated digital payment infrastructure.”
Stablecoins and digital assets have faced growing regulatory scrutiny over the past year, with ASIC updating guidance last year to classify stablecoins and other digital assets as financial products.
Since that update, affected firms have until the end of this month to obtain an Australian Financial Services License (AFSL) or risk breaching financial services laws. The corporate watchdog recently issued a final call for digital firms to secure or update their licences ahead of the 30 June deadline.
ASIC granted AUDC an AFSL in February, with the local firm saying at the time it aimed to “reclaim sovereignty” in the domestic stablecoin market, which is dominated by offshore rivals.
More broadly, stablecoins are gaining wider acceptance in global financial markets, with the Citi Institute’s Tokenisation 2030 report projecting the market could reach US$1.9 trillion by 2030 in its base case, driven by demand for on-chain settlement and programmable payments.
