NAB Launches AUDN Stablecoin
(23 January 2023 – Australia) NAB has created a new stablecoin titled “AUDN” for business customers to settle transactions using distributed ledger technology (DLT) using Australian dollars in real-time.
The move follows ANZ’s recent A$DC announcement, RBA framework creation and emphasises the key role banks are performing driving innovation in the digital economy. It is aiming to launch mid-year for transactions, including trading carbon credits and sending money overseas. Reserve Bank governor Philip Lowe said stablecoin regulation must be a priority and they should be treated like bank deposits.
CFOs are ready and willing to integrate distributed ledger technology (DLT) yet struggle with deficient bank guidance, a lack of scale and inhibitive onboarding costs new research from East & Partners confirms.
“We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see blockchain has the potential to deliver instantaneous, transparent, inclusive, financial outcomes” commented NAB Chief Innovation Officer, Howard Silby.
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