NAB kills its stablecoin, bankers decamp to form Ubiquity

From afr.com

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 building 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. Stablecoins reduce the volatility of cryptocurrencies by linking value to a fiat currency. They are an essential ingredient in driving commerce over ... (full story)