According to an article in the Australian Financial Review (AFR), the National Australia Bank (NAB), one of the four largest Australian banks, has developed a stablecoin dubbed AUDN, which it plans to release in the middle of 2023.
In a statement, NAB explained that AUDN would help its clientele settle blockchain-based transactions in real-time using Australian dollars. “Carbon credit trading, overseas money transfers, and purchases agreements,” NAB’s Chief Innovation officer Howard Silby told AFR, are some of the other potential uses for AUDN.
The stablecoin AUDN will be available on the Ethereum and Algorand blockchains, the latter being a smart contract platform comparable to Ethereum.
Australia’s History of Launching Stablecoin:
The National Australia Bank (NAB) is the second major Australian bank after Westpac to get involved in developing a stable cryptocurrency. Earlier, ANZ Banking Group and the cryptocurrency custodian Fireblocks collaborated to issue a stablecoin tethered to the Australian dollar.
Token mapping has been implemented in Australia to identify the characteristics of all crypto tokens and how they are managed. Additionally, Australia’s central bank has begun a pilot test to explore potential use cases for Australia’s own CBDC; this test is expected to be finished by the middle of 2023.
The government of Australia committed one month ago to increase the level of security surrounding cryptocurrencies by establishing a framework for the licensing and regulation of cryptocurrency service providers in the year 2023.
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