Australia To Launch A Stablecoin Soon 

AUDN Stablecoin To Be Launched Soon In Australia

January 19, 2023 Story: Mohd Javed

National Australia Bank, one of the four major banks in the country, will soon launch a stablecoin AUDN.

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Several reports claimed that the proposed AUDN stablecoin is expected to be launched in mid-2023.

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NAB’s Chief Innovation officer Howard Silby told AFR that it could also be used for several other purposes including "carbon credit trading, overseas money transfers and repurchase agreements.

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The stablecoin will allow its customers to settle transactions on blockchain technology in real-time using Australian dollars, the Australian Bank said.

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The stablecoin will launch on the Ethereum and Algorand blockchain, a smart contract platform similar to Ethereum.

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Stablecoin is seen to be more efficient and cheaper than the interbank cross-border payments solution SWIFT.

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NAB is the second major Australian bank to be involved in the creation of a stablecoin.

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