National Australia Bank creates stablecoin called AUDN

National Australia Bank (NAB) is launching a fully backed stablecoin called AUDN sometime in mid-year.

The stablecoin will be backed one-to-one with Australian fiat, and the money will be held by the NAB. The stablecoin will primarily be used as a settlement token between multiple transacting parties. For example, AUDN could be used for carbon credit trading, overseas money transfers and repurchase agreements.