National Australia Bank starts StableCoin on Ethereum, Algorand: Report
National Australia Bank starts StableCoin on Ethereum, Algorand: Report
Several countries have planned to research stable coins despite the initial restraint and the youngest implosion of Terra. The youngest that jumps on the moving train is one of the four largest financial institutions in Australia - the National Australia Bank (NAB)
The new stablecoin, bound to the Australian dollar, which was created by the NAB with the name Audn, is to be introduced in the Ethereum and Algorand blockchain networks. The completion is planned for mid -2023.
Australia's second StableCoin initiative
According to the report of the Australian Financial Review (AFR), the Audn will enable users to process transactions on blockchain technology in real time with the help of Australian dollars. The NAB also said that the stablecoin should serve several purposes, such as trading in emission certificates, cross -border money transfers and pension business. In addition, the bank will be responsible for the custody of the Australian Fiat-supported stable coin.
In an explanation, Howard Silby, Chief Innovation Officer the NAB, was cited with the words:
"We certainly believe that there are elements of blockchain technology that will be part of the future of financial system [...] In our view, we see [Blockchain] has the potential to achieve immediate, transparent, integrative financial results."
The current infrastructure for foreign transactions is dominated by the Swift network, which is undoubtedly a legacy system. However, the start of Audn could be an effective alternative for many users.
The development takes place four months after the Australian Senator Andrew Bragg has drawn up a draft law that aims to put the domestic cryptocurrency sector under strict supervision. The draft law called for the stock exchanges for digital assets and stable coin issuers to disclose their operations to the authorities. It also aimed at Chinese banks who deal with the digital Yuan in the country.
other countries try stable coins
With the founding of Audn, the NAB is the second large bank of the country, which introduces a stable coin bound to the Australian dollar in the Ethereum network. Last year, the Australia and New Zealand Banking Group (Anz) shaped a stable coin that is linked to the Australian Fiat. According to reports this week, Russia and Iran were involved in discussions about the introduction of a new cryptocurrency with gold cover. Alexander Brazhnikov, Executive Director of the Russian Association of the Crypto Industry and Blockchain, claimed that the token would be developed as a stable coin.
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