Australia and New Zealand Banking Group (ANZ) is making significant strides toward the launch of its bank-issued stablecoin, A$DC.
The bank has achieved a crucial milestone by successfully conducting a test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking a pivotal moment for the institution.
Nigel Dobson, the lead for ANZ’s banking services portfolio, emphasized the significance of this achievement, stating that it represents a substantial step forward for the bank.
The test transaction conducted in collaboration with Chainlink CCIP simulated the purchase of a tokenized asset, utilizing A$DC and an ANZ-issued New Zealand dollar-denominated stablecoin.
Dobson disclosed that ANZ has been actively exploring various blockchain networks as part of its “test-and-learn” approach.
This experimentation is aimed at identifying the most effective applications for ANZ’s Australian dollar stablecoin within decentralized networks.
ANZ, one of the world’s largest global banks boasting over $1 trillion in total assets under management, is showcasing the potential of CCIP for secure cross-chain stablecoin transactions.
This demonstrates the growing prominence of Chainlink and CCIP as standard solutions for facilitating interbank transactions.
Dobson underscored ANZ’s conviction in the value of tokenizing real-world assets like the Australian dollar, a development poised to reshape the banking industry.
He remarked, “Tokenized assets are already changing the way banking works, and the technology has the potential to do more — if the right pieces can come together.”
Notably, ANZ achieved a significant milestone in March 2022 when it minted the first A$DC stablecoin, becoming the inaugural Australian bank to do so.
National Australia Bank (NAB) followed suit a year later by introducing its AUDN stablecoin on the Ethereum blockchain.
However, it is worth mentioning that NAB, along with several of its counterparts, including Commonwealth Bank of Australia, Westpac, and Bendigo Bank, has recently imposed restrictions and, in some cases, complete bans on bank transfers to certain “high-risk” cryptocurrency exchanges.
The primary rationale cited by these banks is the need to safeguard customers against potential cryptocurrency scams.
This regulatory stance highlights the ongoing tension between traditional banking institutions and the burgeoning cryptocurrency ecosystem.