National Australia Bank has become the second of the major banks to create a stablecoin, called the AUDN, to allow its business customers to settle transactions on blockchain technology in real-time using Australian dollars and highlighting the role of banks driving innovation in the digital economy.
It is aiming to launch mid-year for transactions, including trading carbon credits and sending money overseas.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
