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Fireblocks and ANZ Create AUD Stablecoin

Altcoins

www.coindesk.com 24 March 2022 04:58, UTC
  
Reading time: ~2 m

Australia and New Zealand Banking Group (ANZ) has teamed up with crypto custodian Fireblocks to mint a stablecoin pegged to the Australian dollar.

  • This is the first time a major bank has been involved in the creation of a stablecoin.
  • The bank created the stablecoin for Victor Smorgon Group, a large family office based in Australia, which plans to use it to trade on Melbourne-based exchange Zerocap.
  • "An ANZ issued Australian dollar stablecoin is a first step in enabling our customers to find a safe and secure gateway to the digital economy," said ANZ Banking Services Portfolio Lead Nigel Dobson in a press release.
  • The Victor Smorgon Group said that transferring assets to Zerocap via a stablecoin took 30 minutes compared to the usual day or two for a fiat wire transfer.
  • Michael Shaulov, CEO of Fireblocks, said in a statement that he expects more banks to follow ANZ’s lead.
  • As a custodian and infrastructure provider, Fireblocks has worked with BNY Mellon, Siam Commercial Bank, Revolut, and Crypto.com
  • ANZ’s A$DC will initially be marketed toward institutional clients, with retail availability on an Australian crypto exchange coming later.
  • A$DC is currently based on the Ethereum blockchain, but ANZ plans to expand it to Hedera and other chains in the near future.

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