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ANZ becomes first Australian bank to mint stablecoin -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A pedestrian can be seen in the window at an Australia and New Zealand Banking Group branch (ANZ), in central Sydney, Australia on October 25, 2017. REUTERS/Steven Saphore

(Reuters] – Australia and New Zealand Banking Group reported on Thursday that they made an Australian Dollar stablecoin payment. It is a significant transaction, which saw it become the first Australian lender in the creation of a digital asset tied to Australia’s currency.

The stablecoin, a digital asset that keeps its value constant in relation with another asset is often used to create income or as a gateway to other cryptocurrencies.

ANZ announced that it had delivered A$DC (the Australian dollar stablecoin) to Victor Smorgon Group, a private wealth management company for digital assets. Zerocap is Zerocap’s digital asset investment platform.

After the Reserve Bank of Australia (RBA) stated last year that the rise of digital wallets may allow for the exchange of tokens and digital money, the RBA could back the RBA. However, the RBA remains skeptical about the creation of digital currencies.

ANZ is the third largest lender in the country. It said that it had minted 30,000,000 A$DC through a smart contract. The coins were then transferred among the parties, and then redeemed into Fiat currency.

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