National Australia Bank (NAB), one of the largest banks in Australia, has made history by conducting the first cross-border stablecoin transfer on a public blockchain (ethereum)
The transfer was made using the bank’s AUDN stablecoin, which is tied to the Australian dollar, and involved seven currencies including AUD, NZD, SGD, USD, EUR, JPY, and GBP. The transfer was executed using smart contracts on the Ethereum blockchain.
NAB plans to expand its support for digital assets by the end of the year, with a focus on corporate and institutional clients. This move follows the launch of Australia and New Zealand Banking Group’s (ANZ) A$DC stablecoin in March 2022.