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.
👉 Go further – Stablecoin, everything about this type of Cryptocurrency
A platform that facilitates commerce
Buy crypto in minutes
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.
👉 Listen This article and all other crypto news On Spotify
Cryptohost Launches Its First NFT Collection
NFTs associated with collector paper magazine 🔥
Source: Australian Financial Review
Get a summary of crypto news by email every Monday 👌
All you need to know about affiliate links. This page offers properties, products or services related to investments. Some links are included in this article. If you buy a product from this article or register on the site, our partner pays us a commission. This allows us to continue to provide original and useful content. No harm to you, you can get bonus by using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services provided on this page and cannot be held directly or indirectly liable for any damage or loss arising out of the use of any material or service featured in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. High returns are not guaranteed, a product with high return potential involves high risk. This risk taking should be in line with your plan, your investment horizon and your ability to lose a portion of these savings. Do not invest if you are not prepared to lose all or part of your capital.
“Certified food fanatic. Extreme internet guru. Gamer. Evil beeraholic. Zombie ninja. Problem solver. Unapologetic alcohol lover.”