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- National Australia Bank (NAB) Carries Out the First International Stablecoin Transfer
- TrueFi’s (TRU) Value Increases and Declines as a Result of Binance CEO’s Tweet
NAB Carries Out the First International Stablecoin Transfer
The National Australia Bank (NAB) became the first significant financial institution to complete a cross-border stablecoin transfer on layer one blockchain. For the intrabank transfer, the bank used its stablecoin, which has the Australian Dollar (AUD) as its sole backing.
The stablecoins creation is for bank responsibilities upon the ERC-20 standard, and the transaction was carried out on the Ethereum blockchain using smart contracts for seven different currencies. NAB worked with the BlockFold professional services experts and the FireBlocks technology to reach this milestone.
BlockFold specializes in smart contract progress and tokenization. In contrast, FireBlocks is a user-friendly platform that aids in creating advanced blockchain-based businesses and managing ongoing operations for digital assets. According to FireBlocks, utilization of seven currencies in the stablecoin transfer: New Zealand, Australia, Singapore, Euros, Japanese yen, and the US Dollar.
According to Drew Bradford, executive general manager for markets at NAB, the bank is investing in creating Australia’s guarded, secure digital asset system, which is the most user-friendly. In addition, NAB investigates the potential of using digital assets that offer clients apparent advantages.
Bradford thinks that blockchain technology will significantly impact banking in the future and that the tokenization sector is now undergoing a radical transformation. He continued by saying that NAB’s strict governance standards guarantee the development of a trustworthy and secure digital financial platform.
The NAB’s news statement states that the successful trial showed how the innovation might shorten transaction times which took days and will now take minutes, and how it fits into the bank’s attempts to streamline global banking regulations.
By the end of 2023, the bank hopes to assist institutional and collaborative clientele in dealing with digital holdings. According to one of BlockFold’s founders Francois Schonken, the CEO, NAB’s execution of numerous currencies’ cross-border payments on a public blockchain is thrilling.
He continued that the first international exchange by a significant, regulated financial firm with stablecoin backing through this trade reached its objectives.
It’s important to note that NAB is one of many significant Australian banks to launch a stablecoin backed by the Australian dollar. In March 2022, the Australian and New Zealand Banking Group (ANZ) was the initial bank to launch an Australian-established stablecoin (A$DC).
Australian organizations have typically been more receptive to stablecoins and cryptocurrencies in general than those in some other nations. On the other hand, the Canadian Securities Administrators (CSA) established new regulations for cryptocurrency companies in February 2023.
These rules forbid trading exchanges from enabling users to purchase or stake stablecoins without any of the prior written approval of the CSA. In addition, companies must fulfill several prequalification criteria, including confirming that the stablecoin is entirely guaranteed by a sufficient reserve, to acquire this permission.
TrueFi’s (TRU) Value Increases and Declines as a Result of Binance CEO’s Tweet
TrueFi’s (TRU) value increased due to Binance CEO Changpeng Zhao’s tweet about TUSD pairs having no trading costs. However, Zhao later stated that TRU and TUSD were unrelated, which caused a sharp 15% decline in TRU’s value, knocking out its entire gains.
TRU crew launched TUSD, which, as stated on their website, initially contributed to the increase in TRU’s pricing; this caused some market confusion. An appealing investment alternative, TrueFi is a system that offers collateral-free loans and asserts to have had zero failures to date.