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One of Australia’s largest banks is creating a stable currency backed by the Australian dollar (AUD).

One of Australia’s largest banks is creating a stable currency backed by the Australian dollar (AUD).

Commercial banks are apparently interested in stablecoins. In Australia, National Australia Bank (NAB) has announced the upcoming launch of a stablecoin on Ethereum and Algorand. Update this innovative project and it can be followed.

A major Australian bank will launch a stablecoin

This Australian dollar-backed stablecoin will allow users to quickly settle transactions using the blockchain. In the Australian Financial Review, which broke the news, It is scheduled to launch this year, in summer. Two applications are particularly highlighted: the transfer of carbon credits and transboundary transfers.

The stablecoin – known as AUDN – is backed by an equivalent number of Australian dollars held by the bank. Initially, property Available on the Ethereum network, then in Algorand. For the bank, the interest is to provide a faster payment system with less volatility than other cryptocurrencies.

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Australian banks switch to blockchain

National Australia Bank is not the first major bank in Australia to own a stablecoin. Its competitor is Australia and New Zealand Banking Group (ANZ). Last March already created this type of property. It should be said that the country’s four biggest banks tried to create a common stable currency early last year.

But the negotiations did not succeed, and as a result, these now form unique stablecoins. Either way, blockchain has its uses A milestone for National Australia Bank. However, this is what the company’s head of innovation reports:

We definitely think there are elements of blockchain technology Those who are part of the future of finance.»

Although the crypto ecosystem has experienced a particularly turbulent year, the term “stablecoin” is by no means in style. Earlier in the week we learned that Iran and Russia He wanted to create a common gold-backed standard currency. Further proof that this type of property is gradually gaining its place on the international stage.

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Source: Australian Financial Review

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