National Australia Bank (NAB) has claimed the first-ever cross-border stablecoin transfer by a major financial institution on a layer 1 public blockchain. NAB’s fully backed AUDN stablecoin, pegged to the Australian dollar, was used for the intrabank transfer. The transaction was carried out on the Ethereum blockchain and used smart contracts for seven currencies, including AUD, NZD, SGD, USD, EUR, JPY and GBP. The technology demonstrated the potential to reduce transaction times from days to minutes, and it is part of the bank’s focus on simplifying international banking protocols. The bank aims to support corporate and institutional clients in digital asset transactions by the end of the year.