The National Australia Bank (NAB) is creating an asset-backed stablecoin, AUDN, according to AFR, citing its own sources.
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“The stablecoin” will be launched on Ethereum and Algorand, slated for mid-year.
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The stablecoin will be backed by the Australian dollar on a 1:1 basis. NAB will act as custodian.
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Illustrative use cases for the new asset include:
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- trading carbon credits;
- international money transfers;
- repo deals.
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In 2021, became known that Australia planned to launch its own digital currency alongside the introduction of crypto-industry regulation.
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Earlier, in March, ANZ Bank released the A$DC stablecoin.
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