Media: National Australia Bank to create AUDN stablecoin, according to AFR

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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