ANZ representative states the firm is currently searching for the best network to deploy A$DC.
The Australia and New Zealand Banking Group (ANZ) is progressing towards the rollout of its Australian dollar stablecoin, A$DC.
The progression in the A$DC project comes after the bank successfully conducted a test transaction using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The test involved simulating the purchase of a tokenized asset using A$DC along with an ANZ-issued stablecoin denominated in New Zealand dollars.
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In a recent announcement dated September 14th, Nigel Dobson, the lead for ANZ's banking services portfolio, referred to the test transaction as a "milestone" in the bank’s journey toward adopting blockchain technology.
Dobson also elaborated on ANZ's broader perspective towards blockchain and stablecoins.
We're actively exploring the use of decentralized networks through a "test-and-learn" approach.
According to Dobson, the bank examines various networks to identify the best platform for deploying their Australian dollar stablecoin.
ANZ made history in March 2022 when it minted its first A$DC stablecoin, becoming the first Australian bank to create a stablecoin. This move was followed by the National Australia Bank (NAB), which introduced its AUDN stablecoin on the Ethereum network a year later.
Dobson sees significant potential for tokenized assets, claiming that it can transform the whole banking industry:
Tokenized assets are already changing the way banking works, and the technology has the potential to do more—if the right pieces can come together.
However, the crypto landscape in Australia has not been without its challenges. Other Australian banks like the Commonwealth Bank of Australia, Westpac, and Bendigo Bank, along with NAB, have recently implemented various restrictions and, in some cases, outright bans on transfers to certain "high-risk" cryptocurrency exchanges.
The successful test transaction by ANZ represents a significant step toward the widespread adoption of stablecoins by mainstream financial institutions in Australia. While some banks in the country have imposed restrictions on crypto transactions, citing customer safety, ANZ is pushing forward in its quest to integrate blockchain technology into the banking industry.
