Ethereum

Algorand

After Australia and New Zealand Bank (ANZ) launched stablecoin A$DC last year, another bank in the country will mint its own.A senior official revealed in some news reports that National Australia Bank (NAB) will introduce a stablecoin AUDN later this year.<h2 id="header-0">Second Australian bank stablecoin</h2>The stablecoin will debut on the Ethereum and Algorand blockchains.NAB’s chief innovation officer, Howard Silby, revealed that the stablecoin will enable users to settle blockchain transactions in real-time using Australian dollars.Initial use of A$DC suggests that Australian dollar stablecoins may play a part in the country’s energy transformation ambitions. In June, an investor purchased carbon credits using stablecoin.According to the same report, NAB’s stablecoin will also <a href="https://www.afr.com/companies/financial-services/nab-creates-a-stablecoin-in-boost-for-digital-economy-20230117-p5cd8f" rel="noopener noreferrer nofollow">facilitate carbon credit trading</a>. Other capabilities may include international payments and repurchase agreements.<h2 id="header-1">Crypto industry in Australia</h2>Individual banks are developing their own stablecoins after the failure of an industry-wide stablecoin for the Australian dollar. Due to competitiveness concerns and the diverse crypto strategies of each bank, the proposal was never implemented.Australia has vowed to upgrade its financial system and regulatory framework to accommodate crypto and other innovations under the leadership of Prime Minister Anthony Albanese, who assumed office in May.<a href="https://micky.com.au/reserve-bank-of-australia-exploring-new-crypto-currency-options-2/" rel="noopener noreferrer nofollow">Australia’s central bank</a> is advancing a central bank digital currency (CBDC) initiative and its process is expected to be completed by mid-2023.The National Australia Bank (NAB) is among Australia’s four largest banks.

Report: Another bank in Australia set to debut stablecoin on Ethereum, Algorand

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