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National Australia Bank has Successfully Executed a Stablecoin Transaction

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National Australia Bank has Successfully Executed a Stablecoin Transaction

NAB says the pilot showed that using blockchain technology for international transactions can reduce transaction times to minutes rather than days.

According to a March 14th statement by National Australia Bank (NAB), one of Australia’s big four banks, the institution has successfully executed a cross-border stablecoin transaction. The transaction used an internal stablecoin minted on the ERC-20 standard.

NAB conducted the transaction on the Ethereum blockchain. It involved deploying stablecoin smart contracts for seven leading global fiat currencies, such as United States, New Zealand, Australian, and Singapore dollars, British pounds, Japanese yen, and euros.

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To execute the pilot, the bank worked with Blockfold, a consultancy service specializing in tokenization, and Fireblocks, an enterprise-grade digital assets platform. The two firms assisted the bank in topics like smart contracts, token minting and burning, and managing digital asset custody.

The bank said the transaction highlighted the potential of blockchain technology to reduce cross-border transaction time from days to minutes. According to Drew Bradford, NAB’s markets executive general:

Bringing multi-currency stablecoins to market demonstrates NAB’s focus on simplifying international banking protocols to increase speed and transparency while lowering costs and reducing complexity for customers.

The successful transaction makes NAB the world’s first major financial firm to complete a stablecoin transaction on a public blockchain.

Initially, only a select list of institutional and corporate clients will have access to the stablecoin. According to the bank, Australian Stablecoin (AUDN) is backed 1:1 by the Australian dollar and managed as one of its liabilities. Its issuance is in line with its goals in the digital assets space.

The news about National Australia Bank's plans to roll out an Australian dollar-pegged stablecoin broke in January. At that time, the bank claimed it was set to launch the stablecoin in mid-2023.

Gile K. Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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