Blockchain for Banking News

ANZ issues blockchain stablecoin

anz bank australia

Australia and New Zealand Banking (ANZ), one of Australia’s big four banks, has conducted an AUS$30 million stablecoin transaction. Victor Smorgon Group, a boutique investment manager, made a payment to the Zerocap digital asset exchange. After ANZ minted 30 million A$DC coins, the stablecoin was used for the transaction and redeemed back into fiat currency.

“An ANZ issued Australian dollar stablecoin is a first and important step in enabling our customers to find a safe and secure gateway to the digital economy,” said ANZ Banking Services Lead Nigel Dobson.

“Stablecoins are a new way for customers to transact and in this case was an efficient and direct way for Victor Smorgon Group to access Zerocap’s digital asset exchange and move funds across a decentralised network.”

The Australian bank said it created its own Ethereum smart contract in-house, which was deployed via the Fireblocks platform. 

As an institution, the bank was keen to emphasize that it adopted best practices, including secure digital asset custody (Fireblocks), and it had its smart contract audited by OpenZeppelin. It also uses transaction screening and blockchain monitoring with the solution provided by Chainalysis.

Separately, ANZ is involved in Lygon, a consortium solution for bank guarantees that uses blockchain technology. 

Meanwhile, numerous banks around the world are starting to explore stablecoins. Although, so far, most have used private blockchains. In the United States, these include JP Morgan, the USDF Consortium and TassatPay.

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