Australia’s largest bank shuts down stablecoin project: report

The National Australia Bank has reportedly stopped developing its own stablecoin called AUDN, just a year after it first announced such plans.

National Australia Bank (NAB), one of Australia’s four largest financial institutions, has quietly stopped work on its Ethereum-based stablecoin, and the team responsible for development has reportedly left the bank, the Australian Financial Review has learned without explanation. resources.

The report says that the team behind AUDN is currently working on a new stablecoin called Ubiquity, which is backed by Animoca Brands, Merit Circle, and Concave, among others. The Ubiquity team will reportedly also collaborate with another Australian bank, ANZ Bank, which is developing the Australian stablecoin A$DC.

As of press time, NAB has not made any public statement on the matter. Crypto.news has reached out to the bank and we will update the article if we hear back.

NAB had planned to become the second Australian financial institution to launch stablecoins on the Ethereum and Algorand blockchains. In January 2023, crypto.news reported that the bank aims to allow customers to settle AUDN transactions on the blockchain in real-time using Australian dollars. The stablecoin was also expected to facilitate a variety of applications, including “carbon credit trading, overseas remittances, and repurchase agreements.”