The National Australia Bank is Developing its Own Stablecoin

Banking group National Australia Bank (NAB) has announced that it is currently developing a secured stablecoin AUDN.

Local publication AFR has reported citing its own sources that the stablecoin will be launched on the basis of Ethereum and Algorand approximately in the middle of 2023.

The stablecoin will be backed by the Australian dollar at a ratio of 1:1. The NAB will act as the custodian of the asset.

According to the bank, the main use cases of the stablecoin include trade in carbon credits, international money transfers as well as REPO transactions.

In 2021 it became known that Australia planned to launch its own digital currency.