The National Australia Bank (NAB) is set to introduce an Australian dollar-pegged stablecoin on the Ethereum network. NAB is the second "Big 4" Australian bank to be involved in the introduction of a stablecoin.
The AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit trading. Planned to be launched in mid-2023, the AUDN will be backed fully to the Australian dollar.
In March 2022, Melbourne-based ANZ bank announced the creation of a similar product, known as A$DC, becoming the first bank in the country to create its own stablecoin.