National Bank of Australia (NAB) will become the second major Australian bank to launch a link to the Australian dollar on the Ethernet network.

According to a report by the Australian Financial Review (AFR) on January 18, AUDN stablecoin will be launched at some point in 2023 to simplify cross-border remittances and carbon credit trading.

James Sedabi, chief innovation officer of National Bank of Australia, says the AUDN stable currency determination is based on the bank's firm belief that blockchain infrastructure will play a leading role in the next development of the financial sector:

"We certainly firmly believe that some of the elements of blockchain technology will be part of the financial industry in the future.] From their point of view, we can see that [blockchain technology] has the potential to bring timely, fully transparent and tolerant accounting conclusions.

Implementing AUDN real-time cross-border remittances will be a way for customers to bypass the Internet for SWIFT payments at slower rates and higher costs.

Silby said that the identification of real-world property in other ways of carbon credit trading will be an important test case for AUDN. He added that they intend to give "a variety of loan currencies" to stable currencies in areas where banks have licences.

Nine months ago, ANZ, a competitor to ANZ, launched A $30 million tokens in March, which are also used for international remittances and carbon emissions trading.

Prior to the new currency stabilization program of the Australian Bank and the Australian National Bank, the banks plan to work with two other four major Australian banks, the Commonwealth Bank of Australia and Westpac Bank, to launch a new national stable currency loan project encouraged by the Australian dollar.

However, AFR explained that it did not succeed because of market competition concerns and the fact that the bank was at all stages of selection and strategy.

Jonathan Steiger, CEO of login password trading center Kraken Australia, told Cointelegraph that banks have come to recognize the technological advantages of blockchain infrastructure over traditional legacy systems:

"Financial companies like Bank of Australia and now Australian National Bank continue to use cryptography because it may create significant efficiency in the financial system [.] It should be a clear understanding of the core competitiveness of the traditional payment platform.

"We expect this trend to continue and inevitably evolve to include the selection of a variety of other digital currencies and dynamic passwords to enhance applications in Australian economic development," he added.

It remains to be seen how the stable currency, publicly issued by individual banks, will coordinate with the eAUD of the Reserve Bank of Australia. EAUD is a kind of central bank digital currency (CBDC), which is currently in the demonstration stage.

However, NAB is confident that the two companies will be able to operate at the same time and have their own different set of test cases.