24 Mar, 22

Zerocap to pilot first Australian bank backed stablecoin

Zerocap partners to pilot first Australian bank backed stablecoin
Zerocap

Zerocap

In what is being described as a landmark transaction, Zerocap has worked with ANZ Bank and digital asset custody technology provider Fireblocks to mint A$DC, a new stablecoin pegged to the Australian dollar, for Victor Smorgon Group, a client of both ANZ and Zerocap. The initial transaction saw $30 million A$DC transferred from ANZ direct to Zerocap in seconds. 

Zerocap CEO and co-founder 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.”

Read more in this recent AFR article.

What is the First Australian Bank-Backed Stablecoin?

The first Australian bank-backed stablecoin is A$DC, a new stablecoin pegged to the Australian dollar. It is a result of a collaboration between Zerocap, ANZ Bank, and digital asset custody technology provider Fireblocks. The initial transaction saw $30 million A$DC transferred from ANZ direct to Zerocap in seconds.

Who are the Key Players Involved in the Creation of the A$DC Stablecoin?

The key players involved in the creation of the A$DC stablecoin are Zerocap, ANZ Bank, and Fireblocks. Zerocap is a company that provides digital asset investment and digital asset custodial services. ANZ Bank is one of the largest banks in Australia, and Fireblocks is a digital asset custody technology provider.

What is the Significance of the A$DC Stablecoin?

The A$DC stablecoin is significant as it marks a major step towards the integration of digital assets into mainstream banking. The stablecoin, which is pegged to the Australian dollar, allows for quick and secure transactions. This development is seen as a landmark transaction, indicating that digital assets are going mainstream.

What Role Did Zerocap Play in the Creation of the A$DC Stablecoin?

Zerocap played a crucial role in the creation of the A$DC stablecoin. The company worked closely with ANZ Bank and Fireblocks to mint the new stablecoin. Zerocap’s focus on establishing the product, technology, compliance, and team to properly service private and institutional clients was critical to the success of this initiative.

What are the Potential Implications of the A$DC Stablecoin for the Crypto Industry?

The creation of the A$DC stablecoin could have far-reaching implications for the crypto industry. It demonstrates the potential for digital assets to be integrated into traditional banking systems, providing a secure and efficient means of transaction. This could pave the way for further adoption of digital assets by other financial institutions and potentially lead to the development of more bank-backed stablecoins.

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