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<ul><li>National Australia Bank shelved its AUDN stablecoin project, citing the need for quicker and cost-effective development.</li><li>Ubiquity, a new AUD-backed stablecoin, is supported by Animoca Brands, Merit Circle, and Concave.</li><li>Former NAB executives Robert Waugh and Drew Bradford lead Ubiquity, emphasizing startup agility and innovation.</li></ul>The National Australia Bank (NAB) has <a href="https://x.com/CloudTechGrp/status/1802860716103528661" rel="noopener noreferrer nofollow">stopped</a> developing its Ethereum-based stablecoin, AUDN. This decision came barely a year after the bank had initially revealed its intention to enter the stablecoin industry. The development team behind AUDN has left NAB to pursue a new project called Ubiquity, supported by consortium investors.NAB&#39;s Pullback from AUDNThe <a href="https://news.nab.com.au/news/nab-completes-world-first-with-cross-border-stablecoin-transaction/" rel="noopener noreferrer nofollow">National Australia Bank</a> recently stopped developing the Ethereum-based stablecoin. The halting of AUDN development marks a critical turning point for NAB. According to the Australian Financial Review, the bank discreetly ended the initiative and let the development team seek fresh prospects.The team is currently working on Ubiquity, which intends to build a new stablecoin backed by Australian dollars. This latest effort will also include a relationship with another large Australian financial institution, ANZ Bank, which is creating its stablecoin, A$DC.<a href="https://cryptotale.org/nab-halts-stablecoin-project-team-joins-ubiquity-for-new-aud-backed-initiative/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

NAB Halts Stablecoin Project; Team Joins Ubiquity for New AUD-Backed Initiative

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