• NAB, one of Australia’s major banks, is introducing a fully backed stablecoin called AUDN that will boost the digital economy in Australia and allow business customers to settle transactions in Australian dollars on the blockchain.
• NAB chief innovation officer Howard Silby noted that blockchain technology has the potential to deliver instantaneous, transparent, and inclusive financial outcomes.
• AUDN is slated for launch mid-year and will be used for various use cases including the execution of transactions, trading of carbon credits, and sending money overseas.
The National Australia Bank (NAB) has recently announced their adoption of blockchain technology, bringing the digital economy in Australia one step closer. The bank has developed a fully backed stablecoin called AUDN that will allow business customers to settle transactions in Australian dollars on the blockchain.
Howard Silby, NAB’s chief innovation officer, has commented on the potential of blockchain technology, saying “We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see blockchain has the potential to deliver instantaneous, transparent, inclusive financial outcomes.”
The AUDN stablecoin is built on the Ethereum blockchain and is backed one-to-one with Australian fiat. It was minted on the Ethereum blockchain in December of last year and is slated for launch mid-year. It will have a variety of use cases, including the execution of transactions, trading of carbon credits, and sending money overseas.
The adoption of blockchain technology by NAB is a major step forward for the digital economy in Australia, and it is a sign of the growing awareness and acceptance of the technology. The NAB stablecoin provides a secure and reliable way to execute transactions and could pave the way for further adoption of blockchain technology in the country. It is an exciting development that could lead to further innovations and opportunities in the digital economy.