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

Australia and New Zealand Banking Group is 1 measurement person to launching its bank-issued stablecoin A$DC aft the slope successfully executed a trial transaction connected Chainlink’s Cross-Chain Interoperability Protocol.

ANZ’s banking services portfolio pb Nigel Dobson said in a Sept. 14 connection that the transaction was a “milestone” infinitesimal for the bank:

“ANZ precocious worked with Chainlink CCIP to implicit a trial transaction to simulate the acquisition of a tokenised asset, facilitated utilizing A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.”

Dobson said the steadfast has been experimenting with respective networks — presumably to trial retired wherever the ANZ’s Australian dollar stablecoin tin beryllium champion utilized:

“We’re actively exploring the usage of decentralised networks done a ‘test-and-learn’ approach,” the ANZ enforcement said.

As Australia and New Zealand Banking Group (ANZ), 1 the world’s largest planetary banks with implicit $1 trillion successful full assets nether management, demonstrates the usage of CCIP for unafraid cross-chain stablecoin transactions, the relation of Chainlink and CCIP arsenic a modular for interbank… pic.twitter.com/qdehsUX4rQ

— Sergey Nazarov (@SergeyNazarov) September 14, 2023

Dobson said ANZ sees “real value” successful tokenizing real-world assets similar the Australian dollar, a determination that could perchance alteration the banking industry:

“Tokenised assets are already changing the mode banking works, and the exertion has the imaginable to bash much — if the close pieces tin travel together.”

ANZ minted the archetypal A$DC stablecoin successful March 2022, becoming the archetypal Australian slope to bash so. National Australia Bank became the 2nd a twelvemonth later with its AUDN stablecoin connected Ethereum.

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

However, NAB and immoderate of its peers  — Commonwealth Bank of Australia, Westpac and Bendigo Bank — precocious imposed restrictions and, successful immoderate instances, afloat blocks connected slope transfers to respective “high-risk” cryptocurrency exchanges.

These banks cited the request to protect customers against cryptocurrency scams arsenic the main crushed down imposing the restrictions.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

Magazine: Unstablecoins: Depegging, slope runs and different risks loom