Created for Victor Smorgon Group an investment management corporation in Melbourne, the stablecoin has been called A$DC and will be used by the asset company to trade on the cryptocurrency exchange Zerocap. According to Victor Smorgon Group it only took half-an hour for the transfer to happen with usual time taking more than a day.
Banking Services Lead at ANZ Institutional Nigel Dobson announced that this is believed to be the first stablecoin developed by one of the big four banks.
“[ANZ has] launched what we believe is the first Australian-bank-issued Australian-dollar stablecoin, A$DC, and made the first payment through a public, permissionless blockchain transaction.”
People online have weighed in on the announcement with Twitter user @EthicalLorax saying “Big news in the #crypto space – will be fascinating to see the impact on existing digital currencies, given this offers all the benefits of the sector with far fewer risks”. While @DefiantNews pointed out that “The move marks a complete turnaround in policy for the bank, which refused to deal with crypto clients in the past”.
Fireblocks is a digital asset custody corporation that has helped to support over 25 different blockchains including Siam Commercial Bank, Revoult and Crypto.com.
