ANZ Banking Group successfully completes 1st stablecoin transaction
Australia and New Zealand Banking Group Limited or ANZ Banking Group has confirmed in a recent report that it has completed its first stablecoin transaction and is now the first Australian bank to mint stablecoin. The banking firm which is Australia's second-largest bank by assets and third-largest bank by market cap named the stablecoin 'A$DC.'
ANZ minted 30 million of A$DC
As per a report from Reuters, the banking firm had minted around 30 million A$DC which will be pegged to the Australian dollar on a 1:1 ratio. In its first transaction using the stablecoin, ANZ had sent the money to a private wealth management firm for digital assets called Victor Smorgon Group. Moreover, the amount was sent via the digital asset services platform Zerocap.Furthermore, ANZ revealed that the 30 million A$DC were minted on a smart contract and the coins that were transferred via Zerocap to Victor Smorgon Group were later converted into fiat currency.
ANZ banking services lead Nigel Dobson commented on the event:
Stablecoins are a new way for customers to transact and in this case, was an efficient and direct way for Victor Smorgon Group to access Zerocap’s digital asset exchange and move funds across a decentralized network. We’re excited to continue to trial our capability and explore how this use case can be applied in other industries and to other customers in the future.
Stablecoins: A regulatory eyesore?
Stablecoins have become very popular because of the relative ease they bring in the crypto space. People can buy stabelcoins with their fiat money because they are fixed in value and then swap them for cryptocurrencies whenever they feel like it. Stablecoins are a major factor when it comes to crypto trading. On the other hand, like ANZ, Mitsubishi UFJ Financial Group (MUFG) has also confirmed a "Progmat Coin." It is also important to note that New Jersey Rep. Josh Gottheimer introduced a bill aimed at placing definitions on stablecoins.Continue reading by joining Cryptonary Pro
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