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Australia and New Zealand Banking Group is one step closer to launching its bank-issued stablecoin A$DC after the bank successfully executed a test transaction on Chainlink\u2019s Cross-Chain Interoperability Protocol (CCIP):<\/p>\n
ANZ\u2019s banking services portfolio lead Nigel Dobson said<\/a> the transaction was a \u201cmilestone\u201d moment for the bank in a Sept. 14 statement:<\/p>\n \u201cANZ recently worked with Chainlink CCIP to complete a test transaction to simulate the purchase of a tokenised asset, facilitated using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.\u201d<\/p><\/blockquote>\n Dobson said the firm has been experimenting with several networks \u2014 presumably to test out where the ANZ\u2019s Australian dollar stablecoin can be best utilized:<\/p>\n \u201cWe\u2019re actively exploring the use of decentralised networks through a \u2018test-and-learn\u2019 approach,\u201d the ANZ executive said.<\/p>\n As Australia and New Zealand Banking Group (ANZ), one the world\u2019s largest global banks with over $1 trillion in total assets under management, demonstrates the use of CCIP for secure cross-chain stablecoin transactions, the role of Chainlink and CCIP as a standard for interbank\u2026 pic.twitter.com\/qdehsUX4rQ<\/a><\/p>\n \u2014 Sergey Nazarov (@SergeyNazarov) September 14, 2023<\/a><\/p><\/blockquote>\n Dobson said ANZ sees \u201creal value\u201d in tokenizing real-world assets like the Australian dollar and that it can transform the banking industry if the right technologies can come together:<\/p>\n \u201cTokenised assets are already changing the way banking works and the technology has the potential to do more – if the right pieces can come together.\u201d<\/p><\/blockquote>\n ANZ minted the first A$DC stablecoin in March, 2022, which was the first of its kind in Australia.<\/p>\n Related: <\/em><\/strong>Don\u2019t follow the US: Blockchain Aus CEO hammers \u2018regulation by enforcement\u2019 <\/em><\/strong><\/a><\/p>\n However, the other three Big 4 Australian banks \u2014 Commonwealth Bank of Australia,<\/a> Westpac<\/a> and National Australia Bank<\/a> \u2014 recently imposed restrictions and in some instances, full blocks on bank transfers to several \u201chigh-risk\u201d cryptocurrency exchanges.<\/p>\n Bendigo Bank followed suit<\/a> in late July.<\/p>\n These banks cited the need to protect customers against cryptocurrency scams<\/a> as the main reason behind imposing the restrictions.<\/p>\n Magazine:<\/em><\/strong> <\/em><\/strong>Unstablecoins: Depegging, bank runs and other risks loom<\/em><\/strong><\/a><\/p>\n<\/div>\n\n