Zerocap to pilot first Australian bank backed stablecoin

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.