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FameEX Hot Topics | National Australia Bank Launches Stablecoin on the Ethereum Blockchain

2023-03-16 11:21:35

National Australia Bank (NAB) has announced its plans to launch its own stablecoin named AUDN, which will be based on the Ethereum blockchain. This move marks a significant step for NAB in exploring the potential of blockchain technology and offering a faster, cheaper, and more secure means of making cross-border transactions.

The AUDN stablecoin will facilitate transactions for various currencies, including the Australian, New Zealand, Singapore, and US dollars, as well as the EUR, JPY, and GBP. NAB intends to manage the stablecoin as a liability on its books and issue it as an ERC-20 token, which means it will be compatible with most Ethereum wallets and exchanges.

To assist with the launch of its stablecoin, NAB has partnered with digital asset infrastructure provider Fireblocks and fintech platform Blockfold. These firms will be responsible for the smart contracts, direct custody of the tokens, and the minting and burning of tokens.

Stablecoins have gained significant popularity due to their ability to provide a stable store of value and offer faster and cheaper transactions compared to traditional banking systems. With NAB entering the stablecoin market, it is likely that other banks and financial institutions will follow suit, highlighting the growing mainstream adoption of digital currencies and blockchain technology.

The announcement from NAB comes at a time when many financial institutions are exploring the potential of blockchain technology and digital currencies. The launch of AUDN highlights NAB's commitment to innovation and exploring new technologies that can benefit its customers. It will be interesting to see how the stablecoin market evolves and how financial institutions continue to embrace blockchain technology in the coming years.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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