National Australia Bank (NAB), one of Australia’s four largest banks, has launched a stablecoin for business customers.
According to the Australian Financial Review, NAB Ethereum (ETH) and Algorand (ALGO) will serve its network and will be backed by reserves by the bank. “AUDN” created a stablecoin called It aims to launch this stablecoin by the middle of the year for use by the bank, including in carbon credit trading and remittance transactions. AUDN, Australian Dollar as per details provided (AUD) by 1:1 ratio will be supported.
With this product, the bank will allow its customers to perform real-time transactions on the blockchain using Australian dollars.
NAB Innovation Director Howard Silby of this new stablecoin produced carbon credit trading, overseas money transfers and buyback agreements He stated that it can be used for
We firmly believe there are elements of blockchain technology that will form part of the future of finance. From our perspective, we see that blockchain has the potential to deliver instant, transparent and inclusive financial results.
Four different Australian-based banks tried to launch a stablecoin together last year, but the initiative failed due to competition concerns and the four individual banks being at different stages in their crypto strategy.
On the other hand, NAB’s rival Australia and New Zealand Banking Group (ANZ) It was the first bank to issue stablecoins in Australia. ANZ will be used for international remittances and carbon trading about 9 months ago “A$DC” launched a stablecoin called