Australia and New Zealand Banking Group (ANZ) has taken a significant step toward the launch of its bank-issued stablecoin, A$DC. ANZ recently conducted a successful test transaction using Chainlink‘s Cross-Chain Interoperability Protocol, marking a milestone moment for the bank.
ANZ’s successful test transaction
ANZ’s banking services portfolio lead, Nigel Dobson, announced the successful test transaction in a statement on September 14, describing it as a pivotal moment for the bank. He explained that the test involved simulating the purchase of a tokenized asset using A$DC and an ANZ-issued New Zealand-dollar-denominated stablecoin. This test transaction demonstrates the commitment to exploring the potential of blockchain and decentralized networks in the banking sector.
Dobson revealed that ANZ has been actively experimenting with various blockchain networks to determine the most suitable environment for the Australian dollar stablecoin, A$DC. This “test-and-learn” approach highlights its dedication to staying at the forefront of blockchain technology and its applications in the financial industry.
According to Dobson, the group recognizes the significant value in tokenizing real-world assets like the Australian dollar. This move has the potential to transform the banking industry by making transactions more efficient and secure. Tokenized assets have already started reshaping traditional banking processes, and the group aims to harness this technology’s full potential.
ANZ’s pioneering role in stablecoins
ANZ made history in March 2022 by minting the first A$DC stablecoin, becoming the first Australian bank to venture into this emerging field. A year later, the National Australia Bank (NAB) followed suit by introducing its AUDN stablecoin on the Ethereum blockchain. These developments highlight the growing interest among major Australian banks in blockchain and digital currencies.
While ANZ and NAB are actively embracing blockchain technology, some other Australian banks, including the Commonwealth Bank of Australia, Westpac, and Bendigo Bank, have recently imposed restrictions and, in certain cases, full blocks on bank transfers to select “high-risk” cryptocurrency exchanges. The primary motivation behind these restrictions, as cited by the banks, is the need to protect customers from falling victim to cryptocurrency scams.