The test transaction was carried out on the Ethereum blockchain using smart contracts for seven currencies. We are talking about the Australian, New Zealand, Singaporean and US dollars, the euro, the Japanese yen and the pound sterling. The pilot project involved FireBlocks, a digital asset security company, and BlockFold, a company specializing in the development of smart contracts and asset tokenization.
NAB management announced that the use of the AUDN stablecoin and blockchain technology has reduced the time to complete a banking transaction from several days to several minutes, which will greatly simplify interbank transfers in the future. This brought NAB one step closer to allowing corporate and institutional clients of the bank from different jurisdictions to use this stablecoin in payments and settlements.
“The introduction of multi-currency stablecoins to the market will simplify cross-border settlements between banks, increase the speed of transactions and their transparency, and also reduce commission costs. Finance will be inextricably linked to blockchain. We are already seeing changes in the tokenization market,” explained NAB Market Development Director Drew Bradford.
Recall that last year, NAB management announced that it did not plan to add support for private cryptocurrencies for retail clients due to the high risks of losing funds.
Source: Bits
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