National Australia Bank Shuts Down Stablecoin Project AUDN

National Australia Bank building with AUDN stablecoin logo.

A Sudden Halt in Stablecoin Development

The National Australia Bank (NAB), one of the four largest financial institutions in Australia, has very unexpectedly turned one of its planned projects, the AUDN stablecoin, that was being well advanced, to a halt. Almost 12 months ago, it was only a terrific love affair. However, according to the Australian Financial Review, the guys behind AUDN of which there is no word on the bank planning to close the project because of their leaving remain a riddle.

Transition to a New Project: Ubiquity

According to the latest information, some former members of the AUDN team have decided to continue developing the stablecoin they are involved with. Ubiquity is the name of the new stablecoin project. The project has joined hands with the major stakeholders of the blockchain industry, such as Animoca Brands, Merit Circle, and Concave. On the other hand, the Ubiquity team has forged an alliance with ANZ Bank, which is pursuing its own project, A$DC, a stablecoin.

The Initial Vision for AUDN

In the very beginning, the idea was that NAB would become the second Australian bank to use stablecoins, behind that of the ETH and Algorand blockchains, which was launched by them. In the month of January 2023, it was the media who publicized the news about the NAB wanting to allow the use of the AUDN which would make it possible to do money transactions if you want to send the Australian dollars using the block. Moreover, all those applications bundled with the concepts such as the carbon trading contract, deposit return, and live transfer across the border.

Looking Ahead

However, the abrupt end of the AUDN project was indeed quite surprising; the transition to Ubiquity rather implies the continued concern and solidarity from blockchains and stablecoins as shown by the financial region of Australia. This project also confirms the ever-changing nature of the Internet and blockchain projects around the world in the new age of digital finance.