ANZ Shatters Crypto Expectations with A$DC Test - A New Era Begins

ANZ Shatters Crypto Expectations with A$DC Test - A New Era Begins

In the world of cryptocurrency, there was a thrilling development on September 14th when the Australia and New Zealand Banking Group (ANZ) successfully conducted a test of its stablecoin A$DC. 

Following this successful test transaction on Chainlink's Cross-Chain Interoperability Protocol, ANZ has now taken the initiative to launch its own bank-issued stablecoin, A$DC.

During the celebratory event on September 14th, Nigel Dobson, who leads ANZ's banking services portfolio, highlighted the achievement of this successful transaction on Chainlink's Cross-Chain Interoperability Protocol, considering it a pivotal moment for the bank.

Nigel Dobson added, “ANZ recently worked with Chainlink CCIP to complete a test transaction to simulate the purchase of a tokenized asset, facilitated using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.“

The successful transaction test encountered its fair share of challenges, according to Dobson. The firm has been conducting experiments on various networks, presumably to determine the most effective use cases for ANZ's Australian dollar stablecoin. 

Furthermore, Dobson stated, "We are actively investigating the potential of decentralized networks through a 'test-and-learn' approach."

Dobson expressed ANZ's strong belief in the value of tokenizing tangible assets such as the Australian dollar, suggesting that this move could have a transformative impact on the banking sector. 

He also highlighted the current shift brought about by tokenized assets in reshaping banking operations and stressed the potential for even greater advancements if the necessary elements align correctly, saying, 

"Tokenised assets are already changing the way banking works and the technology has the potential to do more - if the right pieces can come together."


Also Read: Genesis Shifts Focus, Halts Cryptocurrency Trading Services

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