Australian bank has created a stablecoin on the Ethereum blockchain

Australian bank has created a stablecoin on the Ethereum blockchain



Australian bank has created a stablecoin on the Ethereum blockchain

The launch of a new cryptocurrency tied to the Australian dollar is scheduled for mid-2023

National Australia Bank (NAB), one of the four largest Australian banks, has created an AUDN stablecoin on the Ethereum blockchain, tied to the Australian dollar (AUD) rate, the Australian Financial Review reports. The bank plans to launch the coin in mid-2023.

The purpose of creating AUDN is to allow the bank's customers to conduct settlements using blockchain technology in real time in Australian dollars, NAB said. The AUDN can also be used for a number of other purposes, including carbon credit trading and repo transactions.

NAB also intends to use AUDN to conduct cheap international transfers. According to the bank, the technology will avoid the use of the SWIFT system and reduce dependence on complex and expensive relationships with correspondent banks when sending money abroad.

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For at least three months, AUDN will not be available to customers, as the bank is conducting internal testing under the supervision of regulators, including transfers between subsidiaries and branches.

AUDN is not the first stablecoin pegged to the Australian dollar. 9 months earlier, the Australian-New Zealand banking group ANZ Bank issued the A$DC coin ("A dollar DC"), the Novatti payment system created the AUDD stablecoin on the Stellar blockchain, and Ettle launched the AUDE token on Ethereum and Algorand.

There are also stablecoins pegged to the Australian dollar such as AUDT, XAUD, AUDRamp and TrueAUD. The volumes of these cryptocurrencies are minimal.

Last month, Reserve Bank of Australia governor Philip Lowe said regulation of stablecoins should be a priority and should be treated in the same way as bank deposits.

The country is also actively developing legislative norms and introducing technologies related to other digital assets. In the middle of last year, the mayor of the Australian city of Gold Coast, Tom Tate, proposed to accept cryptocurrency in payment of municipal taxes.

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