NAB Completes Cross-Border Crypto Transaction with AUDN Stablecoin

• National Australia Bank (NAB) successfully completed a cross-border crypto stablecoin transaction using the Australian stablecoin, AUDN.
• The pilot’s success was due to the combined effort of NAB and its partners, Fireblocks and Blockfold, who provided smart contract development services and direct cryptocurrency custody management.
• This move highlights the bank’s interest in establishing stablecoins pegged to different currencies to improve speed, ensure transparency, simplify customer transactions and reduce costs.

NAB Completes Cross-Border Crypto Stablecoin Transaction

National Australia Bank (NAB) has successfully completed a first-ever cross-border crypto stablecoin transaction using the Australian stablecoin, AUDN. This achievement came from a joint effort between NAB 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.

Services Provided by Partners

The services provided by these two partners for this pilot transaction include developing smart contracts, managing direct custody of cryptocurrencies, burning & securely minting stablecoins. This initiative is intended to shorten the time taken for transactions which usually takes days down to minutes. Additionally, it will also ensure transparency within the system as well as simplifying customers’ transactions while reducing their costs at the same time.

First Bank To Deploy Cross-Border Stablecoin Transaction

Drew Bradford – executive general manager of NAB Markets – revealed that they are now world’s first financial institution to deploy a successful stablecoin transaction on Ethereum layer-1 public blockchain. He further stated that this decision was taken due to their realization about role of blockchain operations in financial market which can help reduce cost & time associated with cross border dealings significantly.

Benefits Of Using Stablecoins In Transactions

Stablecoins are becoming increasingly popular because they offer various benefits including transparent & less expensive transactions compared to traditional methods like wire transfers or credit cards payments etc., Furthermore they also provide secure way of sending money across international borders without having worry about exchange rates or taxes applied by governments etc., Lastly they offer immediate settlements which makes them most suitable choice for online payments and other types of digital currency transactions.


It is clear from this recent development that more financial institutions are recognizing potential benefits offered by blockchain technology & digital currency solutions such as stablecoins for efficient & secure cross border dealings . With increased usage it is expected that these technologies will become even more mainstream in near future thereby providing convenience & cost savings to users all around world .

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