In our Web3 news, we look at a major Australian bank, NAB Bank, launching their own stable coin, which
is pegged to the Australian dollar. National Australia Bank, which is the NAB bank, is the second bank
now out of the four major banks operating in
Australia to announce their own stable coin. ANZ was the
first bank to make that announcement. And now we have NAB’s announcement. These stable coin,
AUDN will be backed one is to one by the Australian dollar.
And when it comes to operation in real time,
and if it enables cross border remittances, then this could
become a potential alternative to the swift payment network system that is currently being used by the
banks today, which is a little more costlier. The other interesting part is Australia’s Rese
rve Bank is also
piloting their own CBDC central bank digital currency as we speak. So it’ll be interesting to see how all of
this work together.