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How might NAB safely facilitate cross-border payments using it’s own stablecoin?

The problem
Cross-border transactions can amount to huge costs for large institutions and business, in addition to time lost. We believed that by providing a tokenised stablecoin, we can help reduce time and money spent here for customers who are already participating in decentralised finance (DeFi) networks

My role here

Requirement gathering
Service design/Blueprint mapping
Stakeholder engagement
Workshopping

Mapping multiple journey’s for NAB’s stablecoin (AUDN)

Context and purpose

By mapping out the process’ of NAB’s stable-coin, we were able to determine resource gaps and area’s of risk.

These process’ included:

Minting/burning of NAB’s stablecoin
Onboarding customers to NAB’s stablecoin
Cross-border payment using NAB’s stablecoins

Methodology

Creating a return brief for this project, as this was my first DeFi project, I wanted to ensure I got the scope right.
I worked with product managers and executives to understand the process’ involved at a very deep level. This was achieved through a number of workshops and 1:1 interviews.

Key recommendations

Watch for airdrops
A crypto airdrop from bad actor could contain illicit funds and be used to siphon funds illegally through NAB’s stable-coin. There is a chance of this happening in this process, NAB will have to monitor this manually.

NAB Stablecoin cannot be converted for Fiat outside of NAB
Whilst this limits use of coin outside NAB, it controls the illegal use of NAB’s stable-coin.

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