Crypto Analyzer

National Australia Bank Launches AUDN Stablecoin on Ethereum Network, Focusing on Carbon Credit Trading and “Green Deposits

National Australia Bank (NAB), announced plans to launch its stablecoin, AUDN. The coin will be pegged at the Australian dollar and hosted by the Ethereum network. The stablecoin will launch mid-year and will be used for a range of transactions including international money transfers and trading carbon credits. The stablecoin will also be used for “green deposits,” linking customer deposits to environmentally-focused loans.

Howard Silby (NAB Chief Innovation Officer), stated that the stablecoin is primarily used to settle transactions. However, the stablecoin may also be used in short-term financing in bond markets. Silby said that blockchain technology could deliver immediate, transparent, inclusive financial outcomes.

NAB’s move comes after some of Australia’s largest banks attempted to create an industry-wide stablecoin in the first half of last year. However, the project was halted by concerns about internal competition and different approaches to cryptocurrency strategies.

NAB has launched AUDN to send a clear message that they aren’t just looking into the future but actively moving towards it. Steve Vallas (Technology Advisor at Skafold Global, and Managing Director at Blockchain APAC) stated that NAB’s stablecoin initiative does not focus on crypto, but rather digital assets. He said that traditional financial institutions recognize that they cannot stop learning and that regulators are encouraging the development of regulated applications for the technology.