Australian banking giant NAB is set to become the next 'Big 4' bank to roll out an Australian-dollar stablecoin aimed at facilitating cross-border payments and carbon trading.
National Australia Bank is set to become the second “Big 4” Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network.
We certainly believe there are elements of blockchain technology that will form part of the future of finance [...] From our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.” NAB’s announcement of the AUDN comes nine months after rival bank Australia and New Zealand Banking Grouptickered A$DC in March 2022, which is also used for international remittances and carbon trading.
However, it failed due to competition concerns and the banks being at different stages in their adoption and strategy, the AFR explained.
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