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Leading Australian bank advances towards AUD stablecoin following Chainlink trial transaction.
Australia and New Zealand Banking Group is progressing towards the launch of its bank-issued stablecoin A$DC following the successful execution of a test transaction on Chainlink’s Cross-Chain Interoperability Protocol.
ANZ’s banking services portfolio leader Nigel Dobson stated in a Sept. 14 announcement that the transaction represented a “milestone” for the bank:
“ANZ recently collaborated with Chainlink CCIP to finalize a test transaction simulating the acquisition of a tokenized asset, enabled through A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.”
Dobson mentioned that the organization has been testing various networks — likely to determine the optimal use of ANZ’s Australian dollar stablecoin:
“We’re actively investigating the application of decentralized networks through a ‘test-and-learn’ methodology,” the ANZ executive remarked.
As Australia and New Zealand Banking Group (ANZ), one of the largest global banks with over $1 trillion in total assets under management, showcases the application of CCIP for secure cross-chain stablecoin transactions, the significance of Chainlink and CCIP as a benchmark for interbank… pic.twitter.com/qdehsUX4rQ
— Sergey Nazarov (@SergeyNazarov) September 14, 2023
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Dobson expressed that ANZ recognizes “real value” in the tokenization of real-world assets such as the Australian dollar, a development that could potentially revolutionize the banking sector:
“Tokenized assets are already altering the dynamics of banking, and the technology has the capacity to achieve even more — provided the right components align.”
ANZ issued the first A$DC stablecoin in March 2022, marking it as the first Australian bank to do so. National Australia Bank followed as the second a year later with its AUDN stablecoin on Ethereum.
Related: Don’t follow the US: Blockchain Aus CEO criticizes ‘regulation by enforcement’
Nonetheless, NAB and several of its counterparts — Commonwealth Bank of Australia, Westpac, and Bendigo Bank — have recently enacted restrictions and, in some cases, complete bans on bank transfers to various “high-risk” cryptocurrency exchanges.
These banks have cited the necessity to safeguard customers against cryptocurrency scams as the primary rationale for implementing the restrictions.
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