Crypto Updates

Major Aussie bank takes next step to AUD stablecoin after Chainlink test transaction

Major Aussie bank takes next step to AUD stablecoin after Chainlink test transaction

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 (CCIP):

ANZ’s banking services portfolio lead Nigel Dobson said the transaction was a “milestone” moment for the bank in a Sept. 14 statement:

“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.

Dobson said ANZ sees “real value” in tokenizing real-world assets like the Australian dollar and that it can transform the banking industry if the right technologies can come together:

“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, which was the first of its kind in Australia.

Related: Don’t follow the US: Blockchain Aus CEO hammers ‘regulation by enforcement’

However, the other three Big 4 Australian banks — Commonwealth Bank of Australia, Westpac and National Australia Bank — recently imposed restrictions and in some instances, full blocks on bank transfers to several “high-risk” cryptocurrency exchanges.

Bendigo Bank followed suit in late July.

These banks cited the need to protect customers against cryptocurrency scams as the main reason behind imposing the restrictions.

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