The National Bank of Australia has launched its stablecoin on the Ethereum (ETH) network under the name AUDN.
The National Bank of Australia has created its own stablecoin pegged to the Australian dollar, the country’s official currency. Created on the Ethereum network with the name AUDN, this stablecoin aims to assist large corporate companies in transactions using blockchain technology. The National Bank of Australia announced last year that it wanted to create a stablecoin. The bank wants to accelerate its blockchain initiatives with this product.
National Australian Bank Creates A Stablecoin With The Name AUDN
The National Bank of Australia created the AUDN stablecoin pegged to the Australian dollar using the Ethereum (ETH) network.
The National Bank said it will conduct AUDN tests before expanding the uses of its stablecoin and getting feedback on the needs of institutional customers.
Howard Silby, Chief Innovation Officer at the National Bank of Australia, said, “As our economy becomes increasingly digitalised, elements of the future of finance will be enabled by blockchain as it has the potential to help deliver instant, transparent and inclusive financial results for customers.” said.
This step, taken by the National Bank of Australia, signaled that many global banks could also focus on stablecoin testing. It is noteworthy that the interest in stablecoin products is increasing in market conditions, where CBDC tests are also ongoing.
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