The Australian bank has suspended the development of an Ethereum-based stablecoin

ChainCatcher news, according to Bitcoin.com, the National Australia Bank (NAB) has recently halted the development of an Ethereum-based stablecoin, just over a year after announcing its intention to launch such a stablecoin. Reportedly, the development team behind the Australian dollar stablecoin project is now associated with a project called Ubiquity.

Before deciding to shut down the stablecoin project, NAB hoped that the stablecoin would facilitate real-time blockchain transactions using local currency. The bank envisioned it being used for cross-border payments, carbon credit trading, and repurchase agreements.