The National Australia Bank (NAB), a prominent financial institution in Australia, has reportedly halted the development of its own stablecoin known as AUDN just a year after announcing its plans.
According to sources from the Australian Financial Review, the team responsible for creating the Ethereum-based stablecoin has left the bank, leading to the project’s discontinuation. Instead, the team behind AUDN is now focusing on a new stablecoin called Ubiquity, with support from companies like Animoca Brands, Merit Circle, and Concave. Additionally, they are set to collaborate with ANZ Bank, another Australian bank working on a stablecoin called A$DC.
NAB has not made any public statements regarding this development at the moment. Crypto.news has reached out to the bank for further information and will update the article accordingly.
Initially, NAB had planned to launch a stablecoin on both the Ethereum and Algorand blockchains, aiming to allow customers to conduct transactions in real-time using Australian dollars through AUDN. The stablecoin was also expected to support various applications like carbon credit trading, international money transfers, and repurchase agreements.
In related news, Novatti Group recently introduced its AUDD stablecoin on the XRP Ledger, further expanding the world of digital currencies.