National Australia Bank has reportedly halted development of its own stablecoin called AUDN just a year after such plans were first revealed.
National Australia Bank (NAB), one of Australia's four largest financial institutions, has quietly stopped work on its Ethereum-based stablecoin, with the team responsible for development reportedly leaving the bank, the Australian Financial Review reported. to learn Without revealing the sources.
The report says that the team behind AUDN is now working on a new stablecoin called Ubiquity, with support from Animoca Brands, Merit Circle, and Concave, among others. The Ubiquity team will also reportedly collaborate with another Australian bank, ANZ Bank, which is developing an Australian stablecoin, A$DC.
As of press time, NAB has not made any public statements 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 a stablecoin on the Ethereum and Algorand blockchains. In January 2023, crypto.news reported that the bank intends to enable customers to settle transactions with AUDN on the blockchain in real-time using Australian dollars. The stablecoin was also expected to facilitate several applications, including “carbon credit trading, offshoring, and repurchase agreements.”