In a surprising move, the National Australia Bank (NAB), one of Australia’s largest financial institutions, has ceased its efforts to create its own stablecoin, AUDN. This decision comes just a year after the bank announced its plans to develop this Ethereum-based digital currency.
Shift in Focus for the Development Team
According to the Australian Financial Review, the team responsible for developing AUDN has left NAB. These developers have shifted their focus to a new stablecoin project called Ubiquity. Supported by notable entities like Animoca Brands, Merit Circle, and Concave, the Ubiquity team is forging ahead with this new initiative. They are also collaborating with another major Australian bank, ANZ Bank, which is working on its own stablecoin, A$DC.
As of now, NAB has not made any public statements regarding the halt in the AUDN project. Despite repeated requests for comments, the bank has remained silent on the matter. Crypto.news reached out to NAB for a statement and will provide updates as they become available.
Original Ambitions for AUDN
NAB had ambitious plans for AUDN, aiming to become the second Australian bank to launch a stablecoin on the Ethereum and Algorand blockchains. The bank intended to enable real-time transaction settlements using Australian dollars on the blockchain. AUDN was expected to facilitate various applications, including carbon credit trading, overseas money transfers, and repurchase agreements.
The transition of the development team to the Ubiquity project marks a new chapter in their journey. With the backing of prominent supporters, Ubiquity aims to fill the gap left by AUDN’s discontinuation. This collaboration with ANZ Bank indicates a significant step towards innovation in the Australian banking sector’s digital currency efforts.
The halt in the AUDN project raises questions about the future of stablecoin development in Australia. As banks explore digital currencies, the success of projects like Ubiquity and A$DC will be closely watched. The evolving landscape of blockchain technology and digital currencies continues to shape the financial industry’s future.