What is National Australia Bank's audn stablecoin?

National Australia Bank has created a stablecoin called AUDN that allows business customers to settle transactions in Australian dollars, the Australian Financial Review reported, citing sources. The bank is aiming for transactions to launch mid-year, including carbon credit trading and remittances.

Will the audn be backed to the Australian dollar?

In this case, the AUDN will be backed fully to the Australian dollar and the money will be held by the NAB. NAB is the second major Australian bank to be involved in the creation of a stablecoin. Earlier, Australia and New Zealand Banking Group (ANZ) teamed up with crypto custodian Fireblocks to mint a stablecoin pegged to the Australian dollar.

What does ANZ Stand for?

The Australia and New Zealand Banking Group Limited ( ANZ) is an Australian multinational banking and financial services company headquartered in Melbourne, Victoria. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.

Who owns National Australia Bank Limited (NAB)?

On 1 June 2022, National Australia Bank Limited (NAB) acquired the consumer banking business from Citigroup Pty Ltd (Citi), an Australian branch of Citibank.