According to a report from local media, National Australia Bank (NAB) is reportedly on the path to launching a stablecoin on Algorand and Ethereum blockchains.
The stablecoin named AUDN is likely to be unveiled in the middle of 2023 and will let the bank’s patrons carry out transactions successfully on blockchain technology using Australian dollars.
In addition to the above, the stablecoin can as well be used for various purposes like “carbon credit trading, overseas money transfers, and repurchase agreements,” said the bank’s Chief Innovation officer Howard Silby.
The AUDN will however be tied to Australian dollars and the backup (money) will be held in the National Australia Bank.
The National Australia Bank is the second major financial institution to launch stablecoin in Australia, the first is the partnership of Australia and New Zealand Banking Group (ANZ) with Fireblocks to mint a stablecoin tied to Australian dollars.
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Australia Financial System and Crypto
When the current Australian Prime Minister Anthony Albanese came to power, he vowed to modernize the country’s financial system and to make it adapt to the trends, that is crypto and other innovations, he will, however, need to raise a concern about the country’s regulatory framework.
Furthermore, the Australian apex bank is also looking to issue the digital version of the country’s fiat currency, a pilot to be completed by the middle of this year.
Also last month, as part of an effort to secure the funds of investors of cryptocurrency in the country, the government of Australia vowed to create a framework for the licensing and regulation of virtual assets service providers this year.
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