National Australia Bank reportedly halted development of its own stablecoin, AUDN, just a year following the first disclosure.
The National Australia Bank ( NAB), which is one of Australia’s four largest financial institutions, has quietly halted development on its Ethereum based stablecoin. According to the Australian Financial Review , the team that was responsible for this project has left the bank.
According to the report, the team behind AUDN has now begun working on a stablecoin called Ubiquity. It is supported by Animoca Brands Merit Circle and Concave among others. Ubiquity will reportedly collaborate with another Australian Bank ANZ Bank which is developing a stablecoin Australian A$DC.
NAB planned to be the second Australian financial organization to launch a stablecoin using the Ethereum and Algorand Blockchains. Crypto.news announced in January 2023 that the bank planned to allow customers to settle AUDN transactions on blockchain using Australian dollars. The stablecoin would also facilitate a variety of applications, such as “carbon credit trading and overseas money transfers.”
Update (Jun. 19, 05:58 UTC): Added comments from Brad Carr, NAB Executive, Innovation & Partnerships. Brad Carr, NAB Executive Innovation & Partnerships, has added comments.
