According to Odaily, the National Australia Bank (NAB) has recently announced the cessation of the development of its Ethereum-based stablecoin, AUDN. The development team behind this project is now involved in the Ubiquity stablecoin project. The Australian dollar stablecoin project was supported by Animoca Brands, Concave, and Merit Circle. Another Australian bank, AusNew Bank, was also part of this plan and has been developing a stablecoin named A$DC.
Before deciding to halt this stablecoin project, NAB had hoped it would facilitate real-time blockchain transactions using local currency. The bank anticipated it would be used for cross-border payments, carbon credit transactions, and repurchase agreements.