NAB kills its stablecoin, bankers decamp to form Ubiquity

The National Australia Bank team building an in-house cryptocurrency has left the bank to create a new, digital version of the Australian dollar, to be called Ubiquity, after the bank stopped developing the so-called AUDN.

Ubiquity will join ANZ, which is still developing its A$DC, and Novatti, which has launched the AUDD, as one of the three Australian dollar stablecoins battling to create a local version of the USDC, which has captured the US dollar stablecoin market.