Australian AUD stablecoin powered by Algorand coming this year

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algorand stablecoin

The National Australia Bank is developing an AUD stablecoin to simplify cross-border transactions and other activities.

The 'AUDN' stablecoin will utilise Algorand and Ethereum blockchain technology and launch in the middle of 2023.

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Earlier this year, the United Kingdom announced that they will be developing a GBP stablecoin also based on blockchain technology.

Australian AUD stablecoin backed by Algorand coming soon this year

The National Australia Bank is developing and launching an Australian stablecoin powered by Algorand and Ethereum blockchain technology.

The AUDN stablecoin will be used for carbon credit trading and international transactions initially, but use cases may increase over time. The stablecoin will be backed 1:1 with the Australian dollar (AUD).

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The stablecoin, which is expected to launch in mid-2023, will join a number of other stablecoins that have already launched or will do so soon. Following the debut of ANZ Banking Group's A$DC stablecoin in 2022, AUND will be Australia's second stablecoin.

In early January, the United Kingdom announced plans to launch a GBP stablecoin in early January, followed by a CBDC in the near future, assuming the stablecoin is successful. Around the world, the National Bank of India began trailing their CBDC digital Rupee in December 2022.

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As the world progressively adopts CBDC and stablecoins, crypto traders, speculators, and blockchain developers question what the future will hold for cryptographic technology.