ETH-Based Stablecoin Project Stalled by Australian Bank

The National Australia Bank (NAB) recently ceased its Ethereum-based stablecoin development, redirecting its team to the Ubiquity stablecoin project. 

Initially aimed at enabling real-time blockchain transactions with the Australian dollar. The NAB’s AUDN stablecoin was intended for cross-border payments. Carbon credit transactions, and repurchase agreements. 

However, with the project shelved, former NAB executives now lead the Ubiquity initiative. Backed by Animoca Brands, Concave, and Merit Circle. This move underscores a trend where startups like Ubiquity are perceived as more agile and innovative compared to established banks like NAB in the fintech landscape.

Clever Robot News Desk 20^th June 2024