National Australia Bank (NAB) has made history as the first major financial institution to complete an intra-bank cross-border transaction on a public blockchain using its own NAB-issued stablecoin.
NAB conducted the pilot transaction on the Ethereum blockchain and utilised smart contracts for seven major global currencies. The success of this transaction demonstrates the potential to significantly reduce the time and cost of cross-border transactions, benefiting NAB’s corporate and institutional clients who operate in multiple jurisdictions and currencies.
According to Drew Bradford, NAB’s executive general manager of markets, the bank is investing in the development of Australia’s safest, simplest, and most secure digital asset ecosystem.
“We are committed to pursuing the right digital asset opportunities with clear customer benefits,” said Bradford. “We believe that blockchain technology will enable elements of the future of finance, and we’re already witnessing rapid change in the tokenisation market.”The stringent governance frameworks we have in place ensures…