One of Australia’s big four banks, ANZ, has completed the first Australian dollar stablecoin payment through a public permissionless blockchain transaction.
A stablecoin is a cryptocurrency whose value is linked to a commodity, currency or algorithm to take care of supply.
The Victor Smorgon Group received the payment via Zerocap, a private wealth management company that manages digital assets.
A statement from ANZ on Thursday said it created 30 million A$DC using an ethereum virtual machine compatible smart contract which used the Fireblocks platform.
The stablecoins were redeemed back into fiat currency after the transfer.
ANZ Banking Services lead Nigel Dobson said: “An ANZ issued Australian dollar stablecoin is a first and important step in enabling our customers to find a safe and secure gateway to the digital economy.
“Stablecoins are a new way for customers to transact and, in this case, was an efficient and direct way for Victor Smorgon Group to access Zerocap’s digital asset exchange and move funds across a decentralised network.
“We’re excited to continue to trial our capability and explore how this use case can be applied in other industries and customers in the future.”
Victor Smorgon Group chief executive Peter Edwards said: “Through the Zerocap platform and continuing our multi-generational working relationship with the ANZ Bank, we are excited to have an Australian dollar stablecoin facilitating innovation and investment.
“The Victor Smorgon Group is a family business, working across multiple asset classes, following a thematic-based approach to asset allocation. Last year we took a strategic shareholding in Zerocap to make investments across the digital assets class.”
Zerocap works at the intersection of crypto investing and traditional finance.
Its co-founder and chief executive Ryan McCall said: “Truly understanding the needs of institutions like ANZ was critical to Zerocap playing a role in this ground-breaking initiative. This is a collaboration that we’re incredibly proud to be a part of.
“Most of the crypto industry has been focused on directly servicing the retail market, whereas we’ve invested from the outset in establishing the product, technology, compliance and team to properly service private and institutional clients, like the Victor Smorgon Group and ANZ.
“Digital assets are going mainstream; we’re thrilled to be at the forefront of driving adoption and bringing that vision to life.”
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