NAB completes world-first with cross-border stablecoin transaction

NAB has completed an intra-bank cross-border transaction using NAB-issued stablecoin, which represents a world-first by a major financial institution on a layer-one public blockchain.

This pilot transaction on the public and permissionless Ethereum blockchain, involved deployment of stablecoin smart contracts for seven major global currencies. The pilot’s success demonstrates the potential to cut cross-border transactions from days to minutes and brings NAB one step closer to enabling clients who operate in multiple jurisdictions and currencies a simpler and faster experience, starting with corporate and institutional clients.

NAB Executive General Manager, Markets, Drew Bradford, said NAB was investing to develop Australia’s safest, simplest and most secure digital asset ecosystem.

“We are committed to pursuing the right digital asset opportunities with clear customer benefits. Bringing multi-currency stablecoins to market demonstrates NAB’s focus on simplifying international banking protocols to increase speed and transparency while lowering costs and reducing complexity for customers,” Mr Bradford said.

“We believe that elements of the future of finance will be blockchain enabled and we’re already witnessing rapid change in the tokenisation market. The stringent governance frameworks we have in place ensures we can support the creation of a safe and reliable digital financial system.”

NAB’s Australian stablecoin, AUDN, which will be fully backed one-for-one with the Australian dollar and managed as a liability of the bank, will be the cornerstone for NAB’s ambitions in digital assets. In addition, transacting on a public, permissionless layer-one blockchain will allow for greater transparency, accessibility and scalability.

NAB has partnered with leading technology providers Blockfold and Fireblocks for this pilot to build and deploy its stablecoins. This includes leveraging their expertise for smart contract creation, securely minting and burning its stablecoin, and managing the direct custody of the digital assets on blockchain technology.

Fireblocks CEO and Co-founder, Michael Shaulov, said: “Australia continues to be a global torch bearer for tokenisation in financial services, with NAB leading the charge in the world’s first use case of a large financial institution leveraging a public blockchain for cross-border payment rails. NAB’s successful trade execution marks the beginning of the evolution of financial services from Web2 to Web3, underpinned by blockchain technology as well as strong governance and risk management.”

BlockFold CEO and Co-founder, Francois Schonken, said:NAB’s multi-currency cross-border settlement execution on a public blockchain is exhilarating. This trade marks the first cross-border multi-currency exchange executed by a regulated large financial institution (NAB) backed stablecoin. The NAB ecosystem of stablecoins puts in place cross-border payment rails that unlock tokenisation potential for both real-world assets and financial products.”

ENDS

Notes to editors: 

  • NAB’s ambition is to enable transactions across seven of the top globally utilised currencies: Australian, New Zealand, Singapore and US dollars, Euro, Yen and Pound Sterling.
  • NAB will be supporting select corporate and institutional clients to transact using digital assets by the end of FY23.
  • The transaction was completed using NAB’s own, newly minted ERC-20 tokens.

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, fintechs, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,600 financial institutions, has secured the transfer of over $4 trillion in digital assets and has a unique insurance policy that covers assets in storage and transit. Some of the biggest crypto businesses have switched to Fireblocks because it’s the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.

About BlockFold

BlockFold is a professional services consultancy specialising in tokenisation and smart contract development. Our mission is to rebuild the global financial system on secure, open and transparent standards. We work with some of the largest global financial institutions to help them leverage blockchain technology to issue and trade stablecoins, bonds, carbon credits and real world assets. For more information, please visit blockfold.com.

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.