Why bank stablecoin projects get stuck in the sandbox
Five years ago, a wave of banks launched stablecoin projects, but most never got beyond the testing phase
In March 2023, National Australia Bank (NAB) quietly completed what it described as a world first: a cross-border transaction using its own stablecoin, AUDN, settling across seven currencies on a public blockchain in minutes rather than days. NAB was punching above its weight – this was the kind of transaction executives at Wall Street heavyweights JP Morgan and Goldman Sachs had been promising
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