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National Australia Bank (NAB) Is Launching a Fully Backed Stablecoin Called AUDN

The stablecoin will launch on the Ethereum network and Algorand blockchain, a smart contract platform similar to Ethereum. NAB plans to launch the stablecoin sometime mid-year.

The stablecoin will be backed one-to-one with Australian fiat, and the money will be held by the NAB.

The stablecoin will primarily be used as a settlement token between multiple transacting parties. For example, AUDN could be used for carbon credit trading, overseas money transfers and repurchase agreements, NAB’s Chief Innovation officer Howard Silby said. 

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