ANZ Became First Australian Bank To Mint First AUD Stablecoin

Australian bank ANZ issued a stablecoin (A$DC) pegged to the Australian dollar and successfully completed a test transaction on the Ethereum blockchain with its institutional partner Victor Smorgon Group. According to an Australian Financial Review (AFR) report dated March 24, the stablecoin will initially be rolled out for institutional clients seeking a cost-effective on-ramp for crypto investments, however it is likely to be opened up to the retail trading market in the near future as well.

ANZ minted 30 mln of A$DC using an ANZ built Ethereum Virtual Machine (EVM) compatible smart contract deployed through the Fireblocks platform, allowing Victor Smorgon Group to transact the funds to Zerocap within minutes. ANZ has worked closely with leading digital asset providers including Fireblocks, Chainalysis and OpenZeppelin to create the stablecoin.

According to Zerocap CEO Ryan McCall, ANZ's stablecoin is not only a huge step in crypto going mainstream for Australia, but also globally, as it provides a legitimate example of a stablecoin being backed by a fully regulated, compliant and traditional financial institution.

Image: Business Insider Australia