{"id":540779,"date":"2023-01-19T08:04:43","date_gmt":"2023-01-19T05:04:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-big-4-bank-mints-stablecoin-for-carbon-trading-and-remittances\/"},"modified":"2023-01-19T08:04:43","modified_gmt":"2023-01-19T05:04:43","slug":"aussie-big-4-bank-mints-stablecoin-for-carbon-trading-and-remittances","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-big-4-bank-mints-stablecoin-for-carbon-trading-and-remittances\/","title":{"rendered":"# Aussie &#8216;Big 4&#8217; bank mints stablecoin for carbon trading and remittances"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3befcde41d9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3befcde41d9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-big-4-bank-mints-stablecoin-for-carbon-trading-and-remittances\/#%E2%80%9D_Aussie_%E2%80%98Big_4_bank_mints_stablecoin_for_carbon_trading_and_remittances_%E2%80%9C\" >&#8221; Aussie &#8216;Big 4&#8217; bank mints stablecoin for carbon trading and remittances &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_%E2%80%98Big_4_bank_mints_stablecoin_for_carbon_trading_and_remittances_%E2%80%9C\"><\/span>&#8221; Aussie &#8216;Big 4&#8217; bank mints stablecoin for carbon trading and remittances &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>National Australia Bank (NAB) is set to become the second \u201cBig 4\u201d Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network.<\/p>\n<p>Set to launch sometime in mid-2023, the AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit trading, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/companies\/financial-services\/nab-creates-a-stablecoin-in-boost-for-digital-economy-20230117-p5cd8f\">according<\/a> to a Jan. 18 report from the Australian Financial Review (AFR).<\/p>\n<p>NAB\u2019s chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin on Ethereum \u2014 which is backed 1:1 by the Australian dollar (AUD) \u2014 was based on their belief that blockchain infrastructure will play a key role in the next evolution of finance:<\/p>\n<blockquote><p>We certainly believe there are elements of blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> that will form part of the future of finance [&#8230;] From our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.\u201d<\/p><\/blockquote>\n<p>The implementation of AUDN for real-time, cross-border remittances could become a way for customers to sidestep the slower and more costly SWIFT payment network.<\/p>\n<p>Carbon credit trading and other forms of tokenzied real-world assets will also be a major use case for the AUDN, Silby said. He also added that they\u2019re planning to offer stablecoins in \u201cmultiple currencies\u201d where the bank has licenses. <\/p>\n<p>NAB\u2019s announcement of the AUDN comes nine months after rival bank Australia and New Zealand Banking Group (ANZ) launched 30 million tokens of its own stablecoin tickered A$DC in March 2022, which is also used for international remittances and carbon trading. <\/p>\n<p>Prior to ANZ and NAB\u2019s stablecoin projects, the two banks initially planned on teaming up with the other two \u201cBig 4\u201d Australian banks \u2014 Commonwealth Bank of Australia (CBA) and Westpac \u2014 to co-launch a nationwide stablecoin backed by the AUD.<\/p>\n<p>However, it failed due to competition concerns and the banks being at different stages in their adoption and strategy, the AFR explained.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/2b3ba08e-cd38-412e-9822-67b7e37185ce.jpg\"><figcaption style=\"text-align: center;\"><em>NAB, one of the \u201cBig 4\u201d banks in Australia, is set to roll out its own stablecoin in mid-2023. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pymnts.com\/bnpl\/2022\/national-australia-bank-debuts-nab-now-pay-later\/\"><em>PYMNTS.<\/em><\/a><\/figcaption><\/figure>\n<p>Jonathon Miller, Australia\u2019s managing director of crypto exchange Kraken Australia told Cointelegraph that banks are beginning to acknowledge the technical advantages that blockchain infrastructure offers over traditional legacy systems:<\/p>\n<blockquote><p>\u201cThe persistent adoption of crypto technology by financial institutions like ANZ and now NAB for its potential to create significant efficiencies in the financial system [&#8230;] is an explicit recognition of [blockchain\u2019s] competitive advantage over traditional payment systems.\u201d<\/p><\/blockquote>\n<p>\u201cWe expect this trend to continue, inevitably evolving to include the adoption of various other cryptocurrencies and tokens for increasing use cases in the Australian economy,\u201d he added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Stablecoin framework is a near-term priority for Aussie regulators <\/em><\/strong><\/p>\n<p>It also remains to be seen how these private bank-issued stablecoins would work in tandem with the Reserve Bank of Australia\u2019s eAUD \u2014 a central bank digital currency (CBDC) \u2014 which is currently in its pilot phase. <\/p>\n<p>However, NAB is confident the two will be able to operate simultaneously and have their own set of unique use cases. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/aussie-big-4-bank-mints-stablecoin-for-carbon-trading-and-remittances\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Aussie &#8216;Big 4&#8217; bank mints stablecoin for carbon trading and remittances &#8220; National Australia Bank (NAB) is set to become the second \u201cBig 4\u201d Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network. Set to launch sometime in mid-2023, the AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":540780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/681fee0f-76a9-45eb-9751-5af92b03939e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,87273,87274,116545,75493,118400,74355,71939,117,5069],"class_list":["post-540779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-commonwealth-bank-of-australia","tag-national-australia-bank","tag-reserve-bank","tag-stablecoin","tag-westpac","tag-adoption","tag-banks","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=540779"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/540780"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=540779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=540779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=540779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}