The National Australia Bank (NAB), one of the four main Australian banks, wants to launch AUDN, a stablecoin, in mid-2023.
According to the Australian Financial Review (AFR), AUDN wants to let consumers immediately settle transactions using Australian dollars using blockchain technology.
The AUDN stablecoin will launch on Ethereum and Algorand. The NAB will hold the Australian dollar-backed AUDN.
Carbon credit trading, cross-border payments, and repurchase agreements are among NAB’s stablecoin’s characteristics. NAB intends stablecoins in different currencies where it possesses licenses.
NAB issued Australia’s second stablecoin. ANZ was the first Australian bank to create a AUD-pegged stablecoin, A$DC, in March.
“We absolutely think there are components of blockchain technology that will form part of the future of finance,” said NAB chief innovation officer Howard Silby. We believe blockchain can produce immediate, transparent, inclusive financial results.
Compiled by Coinbold