As a researcher with experience in the blockchain and fintech industry, I find this news intriguing, given the recent surge of interest in stablecoins and central bank digital currencies (CBDCs) among financial institutions. The departure of the development team from NAB’s AUDN project and their subsequent launch of a competing Australian dollar stablecoin, Ubiquity, adds an interesting layer to this developing story.
One of Australia’s top four banks, the National Australian Bank (NAB), has recently put a stop to the advancement of their Ethereum-backed stablecoin project named AUDN. The reason for this halt was reportedly due to the departure of the development team involved in the project.
A prominent team from the establishment of the bank, comprising of a seasoned NAB figure, departed to initiate an independent Australian dollar stablecoin, as per Australian Financial Review’s accounts.
Ubiquity, a stablecoin, has notable backers including Animoca Brands, Concave, Merit Circle, and CloudTech Group from Australia, as well as others. Furthermore, the Ubiquity team will collaborate with ANZ Bank, another Australian bank, in developing their Australian stablecoin named A$DC.
In the last quarter of 2022, I discovered that National Australia Bank (NAB) initiated the AUDN project. This groundbreaking move aimed to make NAB the second financial institution in Australia to introduce a stablecoin on both the Ethereum and Algorand blockchains.
As a financial analyst, I would explain it this way: I anticipate that our bank intends to enable real-time transactions settled in Australian dollars on a blockchain using a stablecoin named AUDN. This innovation holds significant promise for various applications, including repurchase agreements, international money transfers, and carbon credit trading.
NAB recently concluded a project as there wasn’t enough interest from customers for it, despite their ongoing efforts to enhance institutional crypto custody services. One objective of this project involved facilitating the settlement of tokenized carbon credits. So instead, we could say:
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2024-06-18 16:21