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National Australia Bank Completes Cross-border Transaction Using Ethereum

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National Australia Bank Completes Cross-border Transaction Using Ethereum

According to reports, National Australia Bank said that it had completed the first inter-bank cross-border transaction through Ethereum using its own stable currency. The transaction is part of the pilot stable currency supported by the Australian National Bank for the Australian dollar. National Bank of Australia intends to issue stable currency with the code of “AUDN”, which will be managed as a liability on its books. The company plans to further support transactions in the Australian dollar, New Zealand dollar, Singapore dollar and US dollar, as well as in the euro, yen and sterling.

National Bank of Australia issued stable currency on Ethereum

Analysis based on this information:


National Australia Bank has made history by completing the first inter-bank cross-border transaction using Ethereum, a decentralized open-source blockchain technology. The transaction was carried out through its own stable currency which is part of the pilot stable currency supported by the Australian National Bank for the Australian dollar.

This new transaction process is set to simplify cross-border transactions, making it cheaper, efficient and transparent. The stable currency with the code of “AUDN” will be managed as a liability on the bank’s books. This means that the bank will hold collateral in its reserve account equal to the value of the outstanding stable currency. This will ensure that the stable currency remains stable, and its value will always be equal to the underlying asset.

National Australia Bank has ambitious plans to expand this service to include other currencies, such as the New Zealand dollar, Singapore dollar, US dollar, euro, yen and sterling. This means that cross-border transactions within these currencies will be seamless, as long as the parties involved use Ethereum as the platform for the transactions.

This development comes as no surprise as blockchain technology has been gaining momentum in the financial industry recently. Its advantages of security, transparency, and efficiency in record-keeping have made it popular in many industries. Cross-border transactions have always been a difficult and expensive process, but with the implementation of this new technology, it is expected to revolutionize the payment landscape by making it faster, cheaper, and more secure.

In conclusion, the National Australia Bank and the Australian National Bank have set a milestone in the cross-border payment industry, and their move to work with Ethereum’s blockchain technology is a sign of more significant initiatives to come. With plans to include other currencies in the future, the AUDN will cement its place as a revolutionary payment system that is efficient, transparent, and secure.

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