National Australia Bank (NAB) is the country’s second largest financial institution. stablecoinsaid a senior executive Australian Financial Review (AFR).
The coin called AUDN is ethereum When Algorand Blockchain later this year.
Howard Silvie, Chief Innovation Officer at NAB, said: Said AFRMore Stablecoins will allow customers to settle transactions in real-time on the blockchain using Australian dollars.
NAB will become the second of Australia’s big four banks to issue a stablecoin after rival Bank of Australia and New Zealand (ANZ) issued its own stablecoin called A$DC last year. .
The early use of A$DC indicates that the Australian dollar stablecoin could play a role in Australia’s energy transition plans. In June, an investor used a stablecoin to buy carbon credits.
The NAB stablecoin will also enable carbon credit trading. AFRMore report. Other features may include cross-border payments and repurchase agreements.
Individual banks are working on their own stablecoins after failed attempts to collaborate on a single industry-wide Australian dollar stablecoin. The project never took off due to competitive concerns and each bank being at different stages of its crypto strategy.
Decryption NAB has been contacted for further comment.
Australia dives into crypto first
Under Prime Minister Anthony Albanese, who came to power last May, Australia committed to modernization Improve the country’s financial system and update the regulatory framework to accommodate crypto and other innovations.
Meanwhile, the country’s central bank Advance With the Central Bank Digital Currency (CBDC) project. The scheme pilot is expected to be completed by mid-2023.
However, not all crypto projects were smooth sailing.
The asset manager that managed two of the country’s first cryptocurrency exchange-traded funds (ETFs) in November last year Applicable to delisting of investment vehicles After just six months of trading due to the global bear market.
A few days later, the Australian Securities Exchange (ASX) Threw away A long-term project to update payment systems using blockchain resulted in $170 million in write-offs.
