Australia and New Zealand Banking Group is one step nearer to launching its bank-issued stablecoin A$DC after the financial institution efficiently executed a take a look at transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP):
ANZ’s banking providers portfolio lead Nigel Dobson stated the transaction was a “milestone” second for the financial institution in a Sept. 14 assertion:
“ANZ lately labored with Chainlink CCIP to finish a take a look at transaction to simulate the acquisition of a tokenised asset, facilitated utilizing A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.”
Dobson stated the agency has been experimenting with a number of networks — presumably to check out the place the ANZ’s Australian greenback stablecoin could be greatest utilized:
“We’re actively exploring using decentralised networks by means of a ‘test-and-learn’ method,” the ANZ govt stated.
As Australia and New Zealand Banking Group (ANZ), one the world’s largest international banks with over $1 trillion in complete property below administration, demonstrates using CCIP for safe cross-chain stablecoin transactions, the function of Chainlink and CCIP as a typical for interbank… pic.twitter.com/qdehsUX4rQ
— Sergey Nazarov (@SergeyNazarov) September 14, 2023
Dobson stated ANZ sees “actual worth” in tokenizing real-world property just like the Australian greenback, a transfer that might doubtlessly rework the banking business:
“Tokenised property are already altering the best way banking works, and the know-how has the potential to do extra — if the suitable items can come collectively.”
ANZ minted the primary A$DC stablecoin in March 2022, turning into the primary Australian financial institution to take action. Nationwide Australia Financial institution turned the second a yr later with its AUDN stablecoin on Ethereum.
Nevertheless, NAB and a few of its friends — Commonwealth Financial institution of Australia, Westpac and Bendigo Financial institution — lately imposed restrictions and, in some cases, full blocks on financial institution transfers to a number of “high-risk” cryptocurrency exchanges.
These banks cited the necessity to defend clients in opposition to cryptocurrency scams as the principle cause behind imposing the restrictions.