A stablecoin called AUDN has been developed by the National Australia Bank (NAB), and it will be released in the middle of 2023. The goal of AUDN is to make it possible for its users to instantly settle transactions using Australian dollars on blockchain technology.
In this scenario, the NAB will hold the money, and the AUDN will be fully pegged to the Australian dollar. A “stablecoin” is a type of cryptocurrency whose value is tied to another asset class, like a fiat currency or gold, to stabilize its price. It is thought to be more effective and less expensive than the interbank SWIFT solution for cross-border payments.
Australia has used token mapping to figure out what all crypto tokens are and how they are managed. Its central bank has also started a pilot test to look into possible uses for Australia’s own CBDC. The test should be finished by the middle of 2023.
NAB is the second significant Australian bank to take part in the development of a stablecoin. The Australia and New Zealand Banking Group (ANZ) and cryptocurrency custodian Fireblocks collaborated to develop a stablecoin pegged to the Australian dollar.
According to recent reports, both Russia and Iran have plans to launch a stable coin to be used in international trade that will be backed by gold. The coin will be called the Token of the Persian Gulf region.
