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In a first for a major bank to be involved in the creation of a stablecoin, the Australia and New Zealand Banking Group (ANZ) together with crypto custodian Fireblocks minted a stablecoin pegged to the Australian dollar.
The Ethereum based stablecoin, A$DC, of which so far $30 Million has been minted, was commissioned by Victor Smorgon Group, a large family office based in Australia, who intends to use it to trade on Melbourne-based exchange Zerocap.
Although initially marketed toward institutional clients, retail availability on Australian crypto exchanges are planned at a later stage.
By using a stablecoin, assets can be transferred to Zerocap within 30 minutes, versus the usual two days for fiat currencies, the Victor Smorgon Group noted.
ANZ Banking Services Portfolio Lead Nigel Dobson in a press release:
“An ANZ issued Australian dollar stablecoin is a first step in enabling our customers to find a safe and secure gateway to the digital economy,”
CEO of Fireblocks, Michael Shaulov, said to expects more banks to follow ANZ’s move. His firm has active engagements with large banks and crypto businesses, such as BNY Mellon, Siam Commercial Bank, Revolut, and Crypto.com.