The National Australia Bank (NAB) has halted its development of the Ethereum-based stablecoin AUDN just a year after announcing it. The team behind AUDN has reportedly left and is now working on another stablecoin project, Ubiquity, in collaboration with ANZ Bank.
NAB had aimed to be the second Australian bank to launch a stablecoin, following its January 2023 plans to enable real-time blockchain transactions in Australian dollars. The stablecoin was intended for applications like carbon credit trading and overseas money transfers.
As of now, NAB has not made any public statements. The shift to Ubiquity, backed by notable entities like Animoca Brands, marks a significant pivot. This move could influence future blockchain and stablecoin developments in the Australian financial sector.
