April 19, 2024
Australian Bank Nears AUD Stablecoin with Successful Chainlink Test
Latest Cryptocurrency News

Australian Bank Nears AUD Stablecoin with Successful Chainlink Test

Australia and New Zealand Banking Group (ANZ) is edging closer to the launch of its bank-issued stablecoin, A$DC, following the successful execution of a test transaction using Chainlink’s Cross-Chain Interoperability Protocol. Nigel Dobson, ANZ’s banking services portfolio lead, hailed this transaction as a “milestone” for the bank, emphasizing that they collaborated with Chainlink CCIP to conduct a test transaction.

Dobson also revealed that ANZ has been actively experimenting with various networks as part of its ongoing exploration of decentralized networks through a “test-and-learn” approach. According to him, ANZ recognizes the substantial value in tokenizing real-world assets such as the Australian dollar, which has the potential to bring transformative changes to the banking industry.

ANZ made history by minting the first A$DC stablecoin in March 2022, marking it as the first Australian bank to do so. National Australia Bank (NAB) followed suit a year later by introducing its AUDN stablecoin on the Ethereum network. However, NAB and some of its counterparts, including Commonwealth Bank of Australia, Westpac, and Bendigo Bank, recently imposed limitations and, in some instances, outright bans on bank transfers to certain “high-risk” cryptocurrency exchanges. These measures were implemented with the primary goal of safeguarding customers from cryptocurrency scams.

Image by pvproductions on Freepik

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