The National Australia Bank team building an in-house cryptocurrency has left the bank to create a new, digital version of the Australian dollar, to be called Ubiquity, after the bank stopped developing the so-called AUDN.
Ubiquity will join ANZ, which is still developing its A$DC, and Novatti, which has launched the AUDD, as one of the three Australian dollar stablecoins battling to create a local version of the USDC, which has captured the US dollar stablecoin market.
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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
