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The "Big Four" Australian bank National Australia Bank has announced plans to launch the AUDN stablecoin.It will be pegged to the Australian dollar and fully backed by fiat currency.
A new stable cryptocurrency will appear in the middle of this year. NAB plansissue an Ethereum-based stablecoin on the Polygon network.The fiat currency required to back the AUDN will beheld by the National Australia Bank itself.
NAB representatives said that the new stablecoin will mainly be used to settle financial transactions with multiple participants.For example, the AUDN can be used for trading CO2 credits, for international transfers and redemption agreements.
According to Howard Solby, NAB's head of innovation, blockchain will play a rolekey role in the development of the financial industry, so the bank continues to use this technology:
"We definitely believe that elements of blockchain technology will play a role in shaping the future of finance.From our point of view, blockchain can be used for instant, transparent and full-fledged financial transactions."
Recall that in the spring of last year, another major Australian bank, ANZ, launched the A$DC stablecoin, pegged to the local currency.And in the fall of 2022, the startup Ettle introduced the stable cryptocurrency AUDE.
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