NAB stablecoin, plans & regulation | SW talks to Howard Silby
31/03/2023
National Australia Bank (NAB) recently announced the launch of its stablecoin, AUDN, which is backed by the Australian dollar. The move comes amid the exponential growth in digital payments, ownership, and trading in cryptocurrency, stablecoins, and other digital assets in Australia over the last few years.
In a recent conversation with Danny Armstrong, NAB’s Chief Innovation Officer, Howard Silby, highlighted the importance of stablecoins as essential building blocks for the new web3 economy and offering stable cash links to other blockchain applications. The Australian dollar-backed stablecoin is expected to avoid the fluctuations associated with cryptocurrencies and offer a more efficient means of payment than traditional methods.
In the interview, we explored topics such as the advantages of stablecoins, the risks associated with conducting transactions on the public blockchain, and NAB’s future plans. Minted in several currencies, Howard emphasised the potential to facilitate cross-border transactions and high-value use cases, such as the carbon market and repo transactions. He also discussed green deposits and sustainable finance, supply chain financing and trade settlements and much more.
We invite you to watch the full interview to learn more about NAB’s stablecoin and its potential benefits for various industries and use cases.
