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UPD: The National Bank of Australia Made an Intrabank Cross-border Transaction Using a Stablecoin.

On March 14, the completion of the first pilot transaction using a stablecoin issued by the bank was announced on the official website of The National Australia Bank (not to be confused with the Reserve Bank of Australia).

Logo NAB on blockchain background.

Not so long ago we wrote that NAB plans to create its own stable coin pegged to the Australian Dollar (AUDN). The Bank planned to actively implement it in its work, in particular for making cross-border payments.

According to a message on the website, for the pilot transaction, their own newly minted ERC-20 NAB tokens were used. The transaction was made on the Ethereum network.

“This pilot transaction on the public and permissionless Ethereum blockchain, involved deployment of stablecoin smart contracts for seven major global currencies. The pilot’s success demonstrates the potential to cut cross-border transactions from days to minutes and brings NAB one step closer to enabling clients who operate in multiple jurisdiction and currencies a simpler and faster experience, starting with corporate and institutional clients,” - the message says.

Drew Bradford, NAB's Executive General Manager for Markets, stressed that the bank strives to use all the benefits and advantages of digital assets to carry out international banking operations.

“We are committed to pursuing the right digital asset opportunities with clear customer benefits. Bringing multi-currency stablecoins to market demonstrates NAB’s focus on simplifying international banking protocols to increase speed and transparency while lowering costs and reducing complexity for customers,” – said Mr Bradford.

We will continue our observations of NAB's interaction with digital assets and inform you about the news!

This is an update to this article: The National Australia Bank Has Created a Stablecoin - AUDN