National Australia Bank To Launch Stablecoin on Algorand

National Bank Australia Building

National Australia Bank To Launch Stablecoin on Algorand

The National Australian Bank (NAB), one of the 4 major Australian banks, have announced that they're launching a cryptocurrency stablecoin that will be pegged to the Australian Dollar. 

The stablecoin will be called AUDN and it will run on both Ethereum and Algorand. This is reported by the major cryptocurrency news site this morning.

Second Australian Bank To Form Stablecoin

NAB is the second Australian bank to do so after New Zealand Banking Group formed a collaboration with the company Fireblocks, a digital asset tech provider, to mint the country’s first digital asset linked to the Australian Dollar.

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Regulations Are Coming, Algorand Benefits

The Australian government have made an effort in order to tighten safety around crypto, and thus they have promised to provide an established framework for the regulation of crypto-related services during 2023.

This can be seen as beneficial for Algorand, thanks to it's supreme scalability, rapid transaction speeds and low fees. Recently Bank of Italy chose Algorand to provide its public blockchain platform for the 'Digital sureties' project. 

Article Author: Martin
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