The National Australia Bank issues the AUDN Stablecoin

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Last Updated on January 19, 2023 by Bitfinsider

National Australia Bank (NAB) is launching AUDN, a fully supported stablecoin.

The stablecoin will be available on the Ethereum network as well as the Algorand blockchain, which is a smart contract platform comparable to Ethereum. NAB intends to introduce the stablecoin towards the middle of the year.

The stablecoin will be backed by Australian fiat one-to-one, and the money will be held by the NAB.

The stablecoin will primarily be used as a settlement token between numerous parties involved in a transaction. According to NAB’s Chief Innovation Officer Howard Silby, AUDN could be used for carbon credit trading, foreign money transfers, and buyback agreements, among other things. This is known as atomic settlement, which the NAB is aiming to implement in select markets, according to the Australian Financial Review.

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