The Australian Financial Review (AFR) recently reported that the National Australia Bank (NAB) has developed a stablecoin called AUDN that it intends to introduce in the middle of 2023.
According to NAB, the aim of AUDN would be to enable its users to settle transactions in real-time utilising Australian dollars via blockchain technology. According to Howard Silby, Chief Innovation Officer at NAB, “carbon credit trading, overseas money transfers, and repurchase agreements” are just a few additional uses for AUDN.
The Australian Financial Review (AFR) recently reported that the National Australia Bank (NAB) has developed a stablecoin called AUDN that it intends to introduce in the middle of 2023.
According to NAB, the objective of fiat-pegged AUDN would be to enable its users to settle transactions in real-time utilising Australian dollars via blockchain technology. According to Howard Silby, Chief Innovation Officer at NAB, “carbon credit trading, overseas money transfers, and repurchase agreements” are just a few additional uses for AUDN.
NAB is the second significant Australian bank to take part in the development of a stablecoin. The Australia and New Zealand Banking Group (ANZ) and cryptocurrency custodian Fireblocks previously collaborated to create a stablecoin tethered to the Australian dollar.
Australia’s central bank has begun a pilot test to examine possible use cases for Australia’s own CBDC, which is anticipated to be finished by mid-2023. Australia has adopted token mapping to determine the attributes of all crypto tokens and how they are managed.
