Major Aussie Bank Launching AUD Stablecoin, Takes Next Step with Chainlink Test Transaction

Australia and New Zealand Banking Group (ANZ) is making significant progress in the development of its bank-issued stablecoin, A$DC, after successfully executing a test transaction on Chainlink's Cross-Chain Interoperability Protocol (CCIP). This milestone moment brings ANZ one step closer to launching its Australian dollar stablecoin.

A Step Towards Launch

Nigel Dobson, ANZ's banking services portfolio lead, described the test transaction as a major milestone for the bank. The transaction simulated the purchase of a tokenized asset using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin. With this successful test, ANZ is inching closer to making its stablecoin a reality.

Exploring Decentralized Networks

ANZ has been actively exploring different decentralized networks to determine the best utilization of its stablecoin. Dobson emphasized the value of tokenizing real-world assets like the Australian dollar, stating that it can transform the banking industry. The bank has been taking a "test-and-learn" approach to determine the most effective use cases for its stablecoin.

ANZ Leading the Way

ANZ made history by minting the first A$DC stablecoin in March 2022, becoming the first Australian bank to do so. However, National Australia Bank (NAB) followed suit a year later by launching its own stablecoin, AUDN, on the Ethereum network. Despite their progress in the stablecoin space, NAB and other major banks, including Commonwealth Bank of Australia, Westpac, and Bendigo Bank, have imposed restrictions and blocks on bank transfers to certain "high-risk" cryptocurrency exchanges in order to protect customers from scams.

As ANZ continues to advance its stablecoin development and explore its implementation on various networks, it is poised to play a significant role in shaping the future of the banking industry.