ANZ, one of the big 4 banks, has turned out to be the first Australian bank to mint a pegged stablecoin called A$DC. But, NAB or the National Australia Bank has also come up with its own stablecoin project which will be launched by the end of 2022.
ANZ had been striving with the local regulators like the Australian Prudential Regulation Authority and the Australian Transaction Reports and Analysis Center in order to get the project completed in a compliant manner. It has already started its operation- having run a test transaction on the blockchain platform of Ethereum with the institutional partner of this company, Victor Smorgon Group.
A$DC Could Herald A New Chapter In Australian Crypto
According to a report made on Thursday by the Australian Financial Review, the A$DC stablecoin will initially be put out to the institutional clients that have been seeking a cost-effective-on-ramp for several crypto investments. However, it does seem pretty likely that it would be opened up to the retail trading market in the nearby future. The first transaction saw the Institutional partner sending around 30 million AUD worth of the stablecoin to Zerocap, a digital asset fund manager in Australia that has been partnering with ANZ in order to provide advisory services as well as key infrastructure.
Yet another global digital asset custodian, Fireblocks, has also provided the infrastructure, while OpenZeppelin has been the auditory behind the smart contracts held by the A$DC. Chainalysis, on its part, has also signed on to assist with regulatory and compliance obligations.
In an interview with Cointelegraph, Ryan McCall, the CEO of Zerocap stated that the move by ANZ was not only a pivotal step in cryptocurrency going mainstream throughout Australia but also on a global scale. For, this provides a legitimacy of the A$DC being backed by a traditional financial institution.