Australia and New Zealand Banking Group (ANZ) has taken a significant step towards the launch of its bank-issued stablecoin, A$DC. The bank recently completed a successful test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking a milestone moment.
Nigel Dobson, ANZ’s banking services portfolio lead, expressed the significance of this achievement, stating that the bank had collaborated with Chainlink CCIP to simulate the purchase of a tokenized asset using A$DC and an ANZ-issued New Zealand dollar-denominated stablecoin.
ANZ has been actively exploring various blockchain networks as part of its “test-and-learn” approach to ascertain the optimal utilization of its Australian dollar stablecoin. Dobson highlighted the bank’s belief in the real value of tokenizing real-world assets like the Australian dollar, suggesting that this technology has the potential to reshape the banking industry.
The launch of A$DC marked a pioneering effort by ANZ in March 2022, as it became the first Australian bank to issue a stablecoin. The experimentation with decentralized networks and blockchain technology represents ANZ’s commitment to staying at the forefront of financial innovation and adapting to the evolving landscape of digital assets and blockchain.