Australian stablecoins
A$DC rocks the Aussie dollar as ANZ bank mints first AUD stablecoin
Big 4 bank ANZ has become the first Australian bank to mint an Australia dollar (AUD) pegged stablecoin named “A$DC.” But rival bank NAB also has its own stablecoin project which is expected to launch by the end of the year. ANZ is working with local regulators such as AUSTRAC and APRA to get the project signed off in a compliant manner, and has already run a test transaction on the Ethereum blockchain with its institutional partner Victor Smorgon Group, the family office tied to the billionaire Smorgon family. According to a March 24 report from the Australian Financial Review (AFR), the stablecoin will initially be rolled out for institutional clients seeking a cost-effective on-ramp for crypto investments, however it is likely to be opened up to the retail trading market in the near fut...
