Australia and New Zealand Banking Group (ANZ) has teamed up with crypto custodian Fireblocks to mint a stablecoin pegged to the Australian dollar.
- According to the bank, this is the first time a major bank has been involved in the creation of a stablecoin.
- The bank created the stablecoin for Victor Smorgon Group, a large family office based in Australia, which plans to use it to trade on the Melbourne-based exchange Zerocap.
- "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," said ANZ Banking Services Portfolio Lead Nigel Dobson in a press release.
- The Victor Smorgon Group said that transferring assets to Zerocap via a stablecoin took 30 minutes compared to the usual day or two for a fiat wire transfer.
- Michael Shaulov, CEO of Fireblocks, said in a statement he expects more banks to follow ANZ’s lead.
- As a custodian and infrastructure provider, Fireblocks has worked with BNY Mellon (BK), Siam Commercial Bank, Revolut and Crypto.com.
- ANZ’s A$DC will initially be marketed toward institutional clients, with retail availability on an Australian crypto exchange coming later.
- A$DC is currently based on the Ethereum blockchain, but ANZ said it plans to expand it to Hedera and other chains in the near future.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.