NAB, the National Australia Bank, announced that it has made history by successfully completing the first-ever cross-border stablecoin transfer using a layer 1 public blockchain. The intrabank transfer involved NAB's fully backed AUDN stablecoin, which is tied to the Australian dollar, and was conducted on the Ethereum blockchain using smart contracts for seven currencies. The stablecoins were newly minted as bank liabilities on the ERC-20 standard. NAB collaborated with the Fireblocks platform and BlockFold professional services consultants for this project. The pilot demonstrated the potential of blockchain technology to reduce transaction times from days to minutes and aligns with NAB's efforts to simplify international banking protocols.
#KOMnews #kommunitas #australia #nationalaustraliabank #adoption #stablecoin #cryptoadoption #cryptonews #cryptoupdate #BullMarket #DigitalCurrency