The successful pilot transaction on the public and permissionless Ethereum blockchain involved deploying stablecoin smart contracts for seven major global currencies. NAB's Australian stablecoin, AUDN, will be fully backed one-for-one with the Australian dollar and managed as a liability of the bank.
The pilot's success demonstrates the potential to cut cross-border transactions from days to minutes, bringing NAB one step closer to enabling clients who operate in multiple jurisdictions and currencies a simpler and faster experience. NAB's Executive General Manager, Markets, Drew Bradford, said the bank is committed to pursuing the right digital asset opportunities with clear customer benefits.
He added,
"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,"
NAB's partnership with leading technology providers Blockfold and Fireblocks allowed the bank to leverage their expertise for smart contract creation, securely minting and burning its stablecoin, and managing the direct custody of digital assets on the blockchain technology. Fireblocks CEO and Co-founder, Michael Shaulov, said the successful trade execution marks the beginning of the evolution of financial services from Web2 to Web3, underpinned by blockchain technology as well as strong governance and risk management.
NAB expects to be supporting select corporate and institutional clients to transact using digital assets by the end of 2023. The transaction was completed using NAB’s own newly minted ERC-20 tokens. The bank's ambition is to enable transactions across seven of the top globally utilized currencies: Australian, New Zealand, Singapore and US dollars, Euro, Yen and Pound Sterling.
The ability to transact on a public, permissionless layer-one blockchain will allow for greater transparency, accessibility and scalability. NAB's multi-currency cross-border settlement execution on a public blockchain is a groundbreaking achievement, according to BlockFold CEO and Co-founder.
Francois Schonken said,
"The NAB eco-system of stablecoins puts in place cross-border payment rails that unlock tokenization potential for both real world assets and financial products,"
NAB's successful pilot transaction has demonstrated the potential for stablecoin transactions to transform international banking protocols, increasing speed and transparency while lowering costs and reducing complexity for customers. NAB's ambitions in digital assets, supported by its partnerships with Blockfold and Fireblocks, position the bank at the forefront of the evolving financial services landscape.
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