Commonwealth Bank of Australia Inches Closer to Launching AUD Stablecoin Following Successful Chainlink Trial

Australia and New Zealand Banking Group (ANZ) has made progress towards launching its bank-issued stablecoin, A$DC, after successfully conducting a test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Nigel Dobson, ANZ’s banking services portfolio lead, described the transaction as a “milestone” moment for the bank. According to Dobson, ANZ has been experimenting with various networks to determine the best utilization of their Australian dollar stablecoin.

Dobson sees significant value in tokenizing real-world assets like the Australian dollar, which has the potential to transform the banking industry. He stated that tokenized assets are already changing how banking works and technology has the potential to do even more if the right pieces come together. ANZ minted the first A$DC stablecoin in March 2022, making it the first of its kind in Australia.

However, other major Australian banks, such as Commonwealth Bank, Westpac, National Australia Bank, and Bendigo Bank, have recently imposed restrictions or full blocks on bank transfers to “high-risk” cryptocurrency exchanges. These measures were implemented to protect customers against cryptocurrency scams.

This development from ANZ demonstrates the growing interest in stablecoins and their potential applications within the banking sector. It also highlights the importance of interoperability protocols like CCIP, provided by Chainlink, in facilitating secure cross-chain stablecoin transactions.

Source: Chainlink (Image: 6515f103-b421-4aaa-8e30-907ee3c5e712.jpg)

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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