National Australia Bank (NAB) is set to become the second “Big 4” Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network.
Set to launch sometime in mid-2023, the AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit trading, according to a Jan. 18 report from the Australian Financial Review (AFR).
NAB’s chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin on Ethereum — which is backed 1:1 by the Australian dollar (AUD) — was based on their belief that blockchain infrastructure will play a key role in the next evolution of finance:
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We certainly believe there are elements of blockchain technology that will form part of the future of finance […] From our point of view, we see [blockchain]
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