The report mentions that the team behind AUDN is currently working on a new stablecoin called Ubiquity, which is being supported by companies such as Animoca Brands, Merit Circle, and Concave. Furthermore, the Ubiquity team is said to be collaborating with ANZ Bank, an Australian bank that is developing its own stablecoin called A$DC.
However, NAB, another Australian bank, has not made any public statements regarding this matter. Crypto.news has reached out to NAB for further information and will update the article accordingly.
NAB had originally planned to be the second Australian financial institution to launch a stablecoin on the Ethereum and Algorand blockchains. This stablecoin was anticipated to have various applications, including carbon credit trading, overseas money transfers, and repurchase agreements.