Australia and New Zealand Banking Group is one step closer to launching its bank-issued stablecoin A$DC after the bank successfully executed a test transaction on Chainlink’s Cross-Chain Interoperability Protocol.
ANZ’s banking services portfolio lead Nigel Dobson said in a Sept. 14 statement that the transaction was a “milestone” moment for the bank:
“ANZ recently worked with Chainlink CCIP to complete a test transaction to simulate the purchase of a tokenised asset, facilitated using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.”
Dobson said the firm has been experimenting with several networks — presumably to test out where the ANZ’s Australian dollar stablecoin can be best utilized:
“We’re actively exploring the use of decentralised networks through a ‘test-and-learn’ approach,” the ANZ executive said.
As Australia and New Zealand Banking Group (ANZ), one the world’s largest global banks with over $1 trillion in total assets under management, demonstrates the use of CCIP for secure cross-chain stablecoin transactions, the role of Chainlink and CCIP as a standard for interbank… pic.twitter.com/qdehsUX4rQ— Sergey Nazarov (@SergeyNazarov) September 14, 2023
Dobson said ANZ sees “real value” in tokenizing real-world assets like the Australian dollar, a move that could potentially transform the banking industry:
“Tokenised assets are already changing the way banking works, and the technology has the potential to do more — if the right pieces can come together.”
ANZ minted the first A$DC stablecoin in March 2022, becoming the first Australian bank to do so. National Australia Bank became the second a year later with its AUDN stablecoin on Ethereum.
However, NAB and some of its peers — Commonwealth Bank of Australia, Westpac and Bendigo Bank — recently imposed restrictions and, in some instances, full blocks on bank transfers to several “high-risk” cryptocurrency exchanges.
These banks cited the need to protect customers against cryptocurrency scams as the main reason behind imposing the restrictions.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.