A $ DC shakes Aussie dollar as ANZ bank uses first AUD stablecoin
ANZ's 4th largest bank has become Australia's first bank to make an Australian dollar (AUD) with a peg stablecoin named "A $ DC."
But rival bank NAB also has its own stablecoin project which is expected to be launched by the end of the year.
ANZ is working with local regulators such as AUSTRAC and APRA to coordinate the project, and is already conducting an experiment on Ethereum blockchain with its institutional partner Victor Smorgon Group, a family office affiliated to the billionaire Smorgon family. .
According to a March 24 report from Australian Financial Review (AFR), stablecoin will initially be launched for institutional customers looking for less expensive crypto investments, however it may be open to the stock market. and in the near future.
The inspection work saw Victor Smorgon send $ 22 million (A $ 30 million) worth of A $ DC to Zerocap, an Australian digital asset manager who has partnered with ANZ to provide critical infrastructure and advisory services.
Fireblocks, a global digital assets provider, has provided the infrastructure, while OpenZepplin is testing smart contracts. Chainalysis is signed to assist in compliance with regulatory obligations.
Speaking to Cointelegraph, Zerocap CEO Ryan McCall emphasized that the move by ANZ is not only a "big step" for Australia's leading crypto, but also globally, as it provides an official example of a fully supported, consistent stablecoin and corresponding. traditional financial institution:
Regarding the A $ DC pilot test, McCall noted the ANZ center unit was "enthusiastic and fully committed to this project, the ecosystem as a whole, and delivering a solution and end-to-end service." He declined to comment on what might happen next to the central bank.
While the transaction took place on Ethereum, he said ANZ would probably take its time to weigh in on its options, and Hedera-based ledger technology (DLT) technology was also considered.
“Switching to ETH2 and beyond will be important. "It is not a matter of Ethereum even though Hedera and others have mixed it up here, including the ANZ idea," he said.
McCall said it was "inevitable" that the Big 4 banks would look like straight ramps / off-ramps in crypto soon.
Nigel Dobson, who heads the ANZ banking portfolio of banking services, said the Aussie digital dollar given to the bank would accelerate the local digital assets economy.
ANZ is not the only local bank working to launch stablecoin late, after NAB's new innovation and collaboration chief Howard Silby emphasized during the Australian Blockchain Week event that "banks are starting to have a normal blockchain moment."
Silby said NAB is working on stablecoin to resolve transactions with its ledger technology (DLT) based on the carbon credit platform "Carbonplace," which is scheduled to be launched in 2022.
"The stablecoin role in ensuring that both transactions can be on-chain is very important and that is another exciting development that is currently in place," he said, adding:
“We have traded, but we have to settle down separately. So the biggest success will be later this year when we have stablecoin and can do everything with the chain. "