{"id":81810,"date":"2024-06-18T18:09:53","date_gmt":"2024-06-18T22:09:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81810"},"modified":"2024-06-18T18:12:04","modified_gmt":"2024-06-18T22:12:04","slug":"national-australia-bank-halts-audn-project","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/national-australia-bank-halts-audn-project\/","title":{"rendered":"National Australia Bank Halts AUDN Project\u00a0"},"content":{"rendered":"\n

Just a year after first disclosing its intentions, the National Australia Bank<\/a> is said to have abandoned the development of its own stablecoin, AUDN.\u00a0
<\/p>\n\n\n\n

\"National
National Australia Bank Halts AUDN Project<\/figcaption><\/figure>\n\n\n\n

According to reports, the team behind developing the Ethereum-based stablecoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> at National Australia Bank (NAB), one of Australia's four biggest financial institutions, has quietly stopped working on it. <\/p>\n\n\n\n

The Australian Financial Review has learned of this development without revealing its sources. According to the report, the AUDN team is now developing Ubiquity, a new stablecoin with the backing of Concave, Merit Circle, and Animoca Brands, among others. <\/p>\n\n\n\n

The Australian bank ANZ Bank, which is creating the stablecoin A$DC, is apparently working with the Ubiquity team as well.\u00a0NAB had not released any public remarks regarding the issue as of publication.<\/p>\n\n\n\n

NAB intended to introduce a stablecoin on the Ethereum and Algorand blockchains<\/a>, making it the second financial institution in Australia to do so.\u00a0The bank aimed to allow consumers to settle transactions with AUDN on blockchain in real time using Australian dollars, according to a January 2023 story. <\/p>\n\n\n\n

A number of uses, such as “carbon credit trading, overseas money transfers<\/a>, and repurchase agreements,” were also anticipated to be made more accessible by the stablecoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Just a year after first disclosing its intentions, the National Australia Bank is said to have abandoned the development of its own stablecoin, AUDN.\u00a0 According to reports, the team behind developing the Ethereum-based stablecoin at National Australia Bank (NAB), one of Australia’s four biggest financial institutions, has quietly stopped working on it. The Australian Financial […]<\/p>\n","protected":false},"author":43,"featured_media":81811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20086,20085,1531],"class_list":["post-81810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-audn","tag-national-australia-bank","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/croc_1718747922183.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81810"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81811"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}