Report Worlds biggest bank halts stablecoin project
The National Australia Bank has halted the development of its own stablecoin known as AUDN just one year after initially announcing the project.
The National Australia Bank (NAB), a major financial institution in Australia, has quietly put a stop to the creation of its Ethereum-based stablecoin. The development team responsible for this project is said to have left the bank, as reported by the Australian Financial Review, although the sources of this information were not disclosed.
According to the report, the team behind AUDN is now working on a new stablecoin called Ubiquity, with support from companies like Animoca Brands, Merit Circle, and Concave. The Ubiquity team is also said to be collaborating with another Australian bank, ANZ Bank, which is developing its own Australian stablecoin known as A$DC.
At the time of writing, NAB has not made any public statements regarding this development. Crypto.news has reached out to the bank for comment and will update the article accordingly.
Initially, NAB had planned to be the second Australian financial institution to launch a stablecoin on the Ethereum and Algorand blockchains. In January 2023, it was reported that the bank aimed to allow customers to conduct transactions using AUDN on the blockchain in real time with Australian dollars. The stablecoin was also expected to support various applications such as carbon credit trading, overseas money transfers, and repurchase agreements.
For more information, Novatti Group has recently introduced its AUDD stablecoin on the XRP Ledger.
