National Australia Bank (NAB) minted a bank-backed stablecoin AUDN on the Ethereum blockchain in December, The Australian Financial Review (AFR) reported. NAB plans to roll out its solution in mid-2023, targeting business customers using blockchain for trading carbon credits and overseas payments. It’s the second big four Australian bank to unveil a stablecoin after ANZ in March 2022.
The stablecoin would be backed by Australian dollars held in a NAB trust account.
“We certainly believe there are elements of blockchain technology that will form part of the future of finance,” said NAB chief innovation officer Howard Silby.
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