Australia: a historic first stablecoin transaction

Asset Tokenization Is Happening – Central bank digital currencies (MNBC), stablecoins of all kinds and tokenization various assets are invading finance at a sustained pace. As much some ideas may seem absurd. As many others seem more serious because initiated by historical banking institutions. Be that as it may, a (r)evolution is underway and the National Australia Bank (NAB) resolutely dove into blockchain, claiming to have done the first transfer world of stablecoin on a public blockchain. Direction Melbourne, in the south-east of Australia, to take stock.


NAB surrounds itself with partners for this first stablecoin transfer

The Australian bank therefore comes from theannounce on his site. His teams have just made the first transfer intra-bank And cross-border of stablecoins on a public blockchain. To achieve its goals, the bank collaborated with two specialists in the sector: FireBlocks And BlockFold. The first offers blockchain-type infrastructures for professionals. The second is a firm specializing in advising companies on tokenization and the development of smart contracts.

This pilot transaction was carried out on the blockchain Ethereum and concerned 7 currencies different. The Australian dollar of course, but also the New Zealand dollar, the Singapore dollar, the American dollar, the euro, the Japanese yen and the British pound. The bank states that these stablecoins become, in effect, a liability or a debt for the bank.

The National Australia Bank has just made the first international transfer in stablecoin and it sees the future of cross-border transactions!
Announcement of the transfer on social networks – Source: Twitter

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A conclusive test to make international transfers more efficient

The Australian bank was delighted with this successful test and Drew Bradfordone of NAB’s officials, made the following statement:

“We believe the future of finance will be blockchain-initiated, and we are already seeing a rapid evolution of the tokenization market. The rigorous governance frameworks we have in place allow us to support the creation of a safe and reliable digital financial system. »

In addition, the Australian institution specifies that this type of technology has the merit of being able reduce drastically processing time transactions. From a few days now to a few minutes, the progress is phenomenal. And the effective simplification international banking protocols is for tomorrowagain according to the bank.

Industry professionals rub their hands in anticipation of a bright future

Obviously, industry professionals, like FireBlocks or BlockFold, welcome this type of experimentation. They are already projecting themselves into a future where stablecoins will have a increasingly important role. Here first what it says Michael ShalovCEO and co-founder of Fireblocks:

“This successful commercial launch marks the beginning of the evolution of financial services from web 2 to web 3, supported by blockchain technology as well as strong governance and risk management. »

The CEO and co-founder of BlockFold, Francois Schonkenconfirms this position and goes even further:

“Achieving multi-currency NAB cross-border settlements on a public blockchain is exhilarating. This transaction marks the first cross-border multi-currency exchange executed by a major regulated financial institution backed by a stablecoin. The ecosystem stablecoins of the NAB is building foundations for cross-border payments that unlock the potential for tokenization of real-world assets and financial products. »

This is one more step towards a massive use and institutional stablecoins in the world, which could simplify many banking procedures. And this technology also goes hand in hand with the tokenization financial assets which clearly has the wind in its sails with the financial institutions that see it the next financial revolution.

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