Australian bank ANZ launched stablecoin A$DC – Bits Media

The fourth largest Australian bank by assets, ANZ, has begun issuing stablecoins., pegged to local currency.

ANZ has issued 30 million A$DC tokens to date, backed by Australian dollar. The release took place on the Fireblocks platform using a smart contract, compatible with Ethereum Virtual Machine (EVM). This smart contract can be easily deployed on the Ethereum blockchain itself, as well as on other networks, supporting EVM. The issue took place in favor of the Victor Smorgon Group company, transaction participants were able to successfully exchange tokens back to fiat currency.

“This is the first and important step, allowing our clients to use a secure and reliable portal to the digital economy. Stablecoins provide a new way to make transactions. Victor Smorgon Group was able to gain access to the Zerocap digital asset exchange and transfer funds through a decentralized network. We will continue our development and research into applying this technology to other companies and clients.", - assured the head of the ANZ banking services department Nigel Dobson (Nigel Dobson).

According to the founder and CEO of Zerocap, the entire transaction took 20 minutes - from the release and transfer of tokens to reverse transformation into AUD. Participants tested and practiced all steps of the operation, therefore future transactions can be completed much faster.

Dobson previously said, that the cryptocurrency sector has become too developed, to ignore him. Therefore, ANZ Bank has been working in the direction of blockchain and cryptocurrencies for more than a year.