National Australian Bank (NAB) Becomes Second Australian Bank to Issue a Stablecoin

National Australian Bank, or NAB, is one of the four biggest banks operating out of Australia. The bank has gained some attention from the crypto community because it has become the second bank in the region to issue a stablecoin.

According to local media outlets, the new stablecoin is called AUDN. The bank officials have accounted for it to take place after six months.

The details about the stablecoin have been issued by a local publication called the Australian Financial Review or AFR. As per the reports, the AUDN will offer transaction settlement in real-time using blockchain. The users on the said blockchain will also be able to make transactions in the form of Australian dollars. Meanwhile, AUDN will be assigned some other utilities.

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Uses and Functionality of the New Stablecoin

The Chief Innovation Officer of NAB, Howard Silby, has told the media that AUDN is going to be useful in various ways. He claimed that the stablecoin would be used for special blockchain management options such as overseas transactions, carbon credit trading, and repurchasing contracts.

The official also said that the stablecoin of NAB is going to be launched on the Ethereum and Algorand blockchain projects. It is worth noting that Algorand is a blockchain project that is like smart contracts that match Ethereum. The banking enterprise also reported that AUDN could be backed by the Australian dollar and be part of the reserve.

Token Mapping

Australian enterprises have introduced new concepts like Token Mapping in DeFi. To this end, regulated financial companies can understand how they can manage cryptocurrencies. The Central Bank of Australia has piloted a test that is directed towards finding new utilities from blockchain and ingrains them into the national CBDC project.

Furthermore, the government of Australia has also been doing a lot of work to create appropriate and suitable crypto regulations. In this lieu, the government has issued a framework for licensing and registration of the cryptocurrency services providers who wish to operate in the region.

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