🌎 NAB Halts AUDN Stablecoin Project, Team Shifts to Ubiquity

The National Australia Bank (NAB), one of Australia’s leading financial institutions, has reportedly ceased the development of its Ethereum-based stablecoin, AUDN, merely a year after announcing its plans.

According to a recent report, the team responsible for AUDN’s development has left the bank. This team is now focusing on a new stablecoin project named Ubiquity, which is supported by Animoca Brands, Merit Circle, and Concave, among others. Additionally, the Ubiquity team plans to collaborate with ANZ Bank, another major Australian bank, which is working on its own stablecoin, A$DC.

NAB has not made any public statements regarding the halt in AUDN development. Efforts to reach out to NAB for comments have not yet yielded any responses.

Initially, NAB had aimed to be the second Australian financial institution to introduce a stablecoin on the Ethereum and Algorand blockchains. In January 2023, it was reported that the bank intended to allow customers to settle transactions in real-time using Australian dollars through AUDN. The stablecoin was also expected to support various applications, such as carbon credit trading, overseas money transfers, and repurchase agreements.