NAB has made their first-ever stable coin transaction

NAB has taken a big step forward for the cryptocurrency industry, as they recently announced their first-ever transaction with a stable-coin. This milestone is indicative of NAB’s commitment to embracing new technologies and providing solutions for evolving markets by promoting the use of digital currencies; this could potentially shake up the financial landscape in Australia. Through collaboration with their partners, NAB have effectively demonstrated an understanding of emerging blockchain technology that puts them at the forefront of financial innovation in Australia. What’s more, they are now collaborating directly with leading stakeholders throughout the world, allowing businesses and individuals alike access to market networks through trusted transactions using stable-coins.

The second of the “big four” Australian banks to issue a stable-coin, this financial institution is eager to foster corporate client transactions by the end of 2023.

On March 14, NAB proudly revealed the world’s first cross-border blockchain transfer of a fully backed AUDN stable-coin pegged to the Australian dollar. This intra-bank exchange marks an incredible breakthrough in technology and further solidifies NAB’s commitment to providing its customers with innovative financial solutions.

Executing the transaction through Ethereum’s blockchain and employing smart contracts, seven currencies were operationally transacted: Australian dollars, New Zealand dollars, Singaporean dollars, United States dollars, euros, Japanese yen and British pounds as stated by Fire-blocks in a statement.

NAB recently debuted stable-coins on the ERC-20 standard as bank liabilities with help from Fire-blocks platform and BlockFold’s consultancy services. Drew Bradford, Executive General Manager of Markets at NAB, stated:

“We believe that elements of the future of finance will be blockchain enabled and we’re already witnessing rapid change in the tokenisation market. The stringent governance frameworks we have in place ensures we can support the creation of a safe and reliable digital financial system.”

NAB had a successful pilot that demonstrated the capability of reducing transaction times from days to mere minutes, which is part of its mission to simplify global banking processes. Additionally, it anticipates providing digital asset transactions for corporate and institutional customers by year’s end.

In January, NAB emerged as the second significant Australian bank to launch an AUDN coin – a stable-coin backed by the Australian dollar. It crafted this currency with intent for cross-border transfer and carbon credit trading in mind. To further its mission toward sustainability, it became one of nine founding banks comprising Carbon place’s blockchain carbon credit transaction network in February.

In March 2022, the Australia and New Zealand Banking Group (NAB’s rival) was the first to launch A$DC, a stable-coin pegged to AUD.

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