Australia’s ANZ Bank has become the first major financial institution in the country to issue and execute payment of a stablecoin linked to the nation’s dollar.
Leveraging its Ethereum Virtual Machine (EVM) compatible smart contract deployed through the Fireblocks platform, ANZ said Wednesday it had successfully minted $30 million worth of its bank-backed A$DC stablecoin.
The bank worked with Fireblocks, Chainalysis and OpenZeppelin to create the “in-house purpose-built” stablecoin smart contract. ANZ said the coins were transferred between the family office and the fund manager before it was later redeemed back into fiat.
It marks the first time in the country that such an endeavour has been undertaken by an Australian bank.
Specifically, the bank acted on a request by Victor Smorgon Group — the late billionaire’s eponymous family office which was later settled into the office’s Ethereum wallet hosted atop custody infrastructure owned by digital asset fund manager Zerocap. The family office is a client of both the bank and Zerocap.
“In this particular transaction it was 20 minutes end to end, including minting,” said Zerocap’s CEO Ryan McCall. “We ran tests beforehand which took longer as we carefully moved through each step and I would expect future transactions to be even shorter once there is a tested, repeatable process in place.“
The New World Order Agenda is commencing…
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