Hey Peeps!

On January 18th, The National Australia Bank (NAB), one of the "Big 4" banks in Australia, spoke with Australian Financial Review and announced they will be launching a stablecoin pegged to the Australian dollar. 

The stablecoin will reportedly be called "AUDN", and it will launch on the Ethereum and Algorand networks sometime in mid-2023. 

The goal of AUDN's creation is to optimize "cross-border remittances and carbon credit trading".

“We certainly believe there are elements of blockchain technology that will form part of the future of finance [...] From our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

- Howard Silby, Chief Innovation Officer at NAB

This is now the second stablecoin launched by a "Big 4" Bank in Australia, after the "A$DC" was launched in March 2022 by the Australia and New Zealand Banking Group (AZN). 

A$DC was initially opened up for just institutional clients seeking an on-ramp for crypto investments. 

It has also been used for the purchase of tokenized carbon credits and international remittances. 

Both the AUDN and A$DC stablecoins will be opened up to the retail trading in the near future.

It is also important to mention that the Reserve Bank of Australia is also working on a CBDC pilot project that may launch as soon as mid-2023.

It certainly looks like Australia is getting ahead of most countries when it comes to Stablecoins and the transition to a digital economy. 

Whether this is a good thing, remains yet to be seen.

What are your thoughts on this news?

Any Australian readers that can provide some first-hand insight and experience with these stablecoins?

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