The National Australia Bank has reportedly stopped developing its own stablecoin called AUDN just a year after it first disclosed such plans.

The National Australia Bank (NAB), one of the four largest financial institutions in Australia, has quietly stopped working on its Ethereum-based stablecoin, with the team responsible for the development reportedly having left the bank, the Australian Financial Review has learned without disclosing sources.

The report says the team behind AUDN is now working on a new stablecoin named Ubiquity, supported by Animoca Brands, Merit Circle, and Concave, among others. The Ubiquity team will reportedly also collaborate with another Australian bank ANZ Bank, which is developing an Australian stablecoin A$DC.

As of press time, NAB made no public statements on the matter. Crypto.news reached out to the bank and we’ll update the article if we hear back.

NAB had planned to become the second Australian financial institution to launch a stablecoin on the Ethereum and Algorand blockchains. In January 2023, crypto.news reported that the bank intended to enable customers to settle transactions with AUDN on blockchain in real time using Australian dollars. The stablecoin was also expected to facilitate various applications, including “carbon credit trading, overseas money transfers and repurchase agreements.”