The National Australia Bank (NAB) will soon become the second major bank in the country to launch a stablecoin.

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The stablecoin, dubbed AUDN, will launch on the Ethereum and Alogrand blockchains in the middle of 2023.

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Howard Silby, NAB’s chief innovation officer, told the Australian Financial Review that AUDN will allow customers to settle transactions on the blockchain in real-time, using Australian dollars.

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“We certainly believe there are elements of blockchain technology that will form part of the future of finance,” said Silby. “That continues to be the source of some debate. But certainly, from our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

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NAB will be the second of Australia’s big four banks to launch a stablecoin. In March 2022, New Zealand Banking Group teamed up with crypto custodian Fireblocks to mint its own, dubbed A$DC.

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