As an analyst with a background in financial technology and experience following the developments of major Australian banks, I find the news about NAB’s abandonment of its AUDN stablecoin project quite intriguing.
As a researcher, I’ve come across recent news that the National Australia Bank (NAB) has reportedly halted the development of their proposed stablecoin project named AUDN, which was initially announced last year.
The National Australia Bank (NAB), which is among the four biggest financial institutions in Australia, has ceased work on its Ethereum-based stablecoin project in a low-key manner. According to unnamed sources reported by the Australian Financial Review, the team responsible for developing this cryptocurrency has departed from the bank.
As a researcher, I’ve come across intriguing information regarding the ongoing initiatives of the AUDN team. They are now engaged in the development of a new stablecoin named Ubiquity. This project is backed by prominent organizations such as Animoca Brands, Merit Circle, and Concave, to name a few. Additionally, Ubiquity’s collaboration extends to ANZ Bank, an Australian financial institution that’s working on its own stablecoin, the A$DC.
At the moment of publication, NAB had not issued any public comments regarding the issue. Crypto.news has contacted the bank and will provide an update once we receive a response.
NAB aimed to be the second Australian financial institution to introduce a stablecoin, named AUDN, on Ethereum and Algorand blockchains by early 2023. According to crypto.news reports in January, this move would enable customers to execute real-time transactions using Australian dollars directly on the blockchain. Additionally, the stablecoin was anticipated to support diverse applications such as carbon credit trading, international money transfers, and repurchase agreements.
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2024-06-18 14:39