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National Australia Bank Successfully Carries Out Self-Issued Stablecoin Transaction

Press Releases Crypto News Bitcoinist National Australia Bank Successfully Carries Out Self-Issued Stablecoin Transaction

Stablecoins have become an integral part of the multiple developments and improvements that are ongoing in the crypto sphere and cryptocurrency networks are not the only systems executing new developments in the digital currency space.

Some banks are also recording new improvements in their operations. A recent scenario is the National Australia Bank, stating the successful completion of a first-ever stablecoin transaction using the Australian stablecoin, AUDN.

NAB Completes Cross-Border Crypto Stablecoin Transaction

According to the report, the stablecoin transaction occurred on the Ethereum blockchain. The pilot’s success resulted from a combined effort from the bank and its partners, Fireblocks and Blockfold. Fireblocks is an enterprise-grade cryptocurrency platform, while Blockfold is an expert in service consultancy that commits to tokenization.

For the pilot transaction to be successful, both partners engaged their professionalism in the various areas of their services on the Ethereum blockchain. The service areas include the development of smart contracts, managing direct custody of cryptocurrencies, and burning and securely minting stablecoins.

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The NAB realized the need for additional speed in cross-border dealings, the primary reason behind the pilot transaction. The idea was to shorten transaction time, moving it from days to minutes.

This move highlights the bank’s interest in establishing stablecoins pegged to different currencies to ease the transaction process, improve speed, and ensure transparency within the system. More so, it will simplify customers’ transactions and reduce

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Author: Eli Dambell

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