31 March 2022
The ANZ bank has made a momentous move forward for Australia’s digital economy by minting the countries first Australian dollar stablecoin.
The A$DC is a digital stablecoin that is pegged to the Australian dollar, the history making step puts the big four bank at the forefront of the financial cryptocurrency sector.
ANZ recently announced that they’ve partnered with blockchain platform Fireblocks and digital asset management firm ZeroCap to develop the innovative stablecoin.
The A$DC may be one of the first stablecoins in the world to be used in a real transaction, allowing Victor Smorgon Group to send $30 million to a digital asset fund manager, Zerocap, within 10 minutes.
“As far as we’re aware, this is a world-first for a bank to actually issue their own stablecoin,” Zerocap chief executive Ryan McCall said.
“It is really significant. It just shows you how serious the Big Four banks here in Australia and just traditional institutions generally are about getting involved in the ecosystem”.
ANZ is believed to of minted $30 million worth of A$DC through a smart contract via the Ethereum network.
The company’s decision will change how businesses and traders transfer large sums of money online and provides consumers with a sense of confidence in cryptocurrencies.
Unlike other cryptos, where the value can be volatile – stablecoins are pegged to the value of real assets, like fiat currency or commodities.
The wQOIN in your Metamask wallet on the Ethereum blockchain will give you the opportunity to explore and discover the vast crypto world with more than 250 million wallet holders.