National Bank of Australia to launch AUDN stablecoin

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Australian bank from the “big four” National Australia Bank announced plans to launch a stablecoin AUDN. It will be pegged to the Australian dollar and fully backed by fiat currency.

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A new stable cryptocurrency will appear in the middle of this year. NAB plans to launch an Ethereum-based stablecoin on the Polygon network. The fiat currency required to back the AUDN will be held by the National Bank of Australia itself.

Representatives of the NAB said that the new stablecoin will mainly be used for settlements in financial transactions with multiple participants. For example, AUDN can be used to trade CO2 credits, cross-border transfers and buyback agreements.

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Howard Solby, head of innovation at NAB, said that blockchain will play a key role in the development of the financial industry, so the bank continues to use this technology:

“We definitely believe that elements of blockchain technology will play a role in shaping the future of finance. From our point of view, the blockchain can be used for instant, transparent and full-fledged financial transactions.”

Recall that last spring, another major Australian bank, ANZ, launched the A$DC stablecoin, pegged to the local currency. And in the fall of 2022, the startup Ettle introduced the stable cryptocurrency AUDE.

Source: Bits

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