Australia Piloting First Stablecoin

In partnership with Zerocap, ANZ bank are piloting the country’s first stablecoin.

First Stablecoin Down Under

Zerocap has partnered with ANZ Bank and global digital asset technology provider Fireblocks to mint A$DC, a new stablecoin that will be pegged against the Australian dollar. 

The news of the first stablecoin Down Under was announced by James Eyers, Senior Reporter of Australian Financial Review, on March 24, detailing what he called a “landmark” event for finance. The first transaction saw $30 million A$DC transferred from ANZ direct to Zerocap in mere seconds. The speed and stability of blockchain assets is becoming to good to deny for many across the globe.

“Digital assets are going mainstream and blockchain technologies are offering new and better ways to transact direct end-to-end,” said Ryan McCall, Zerocap CEO. “It is appropriate and telling that other parties in this successful pilot include one of Australia’s biggest banks and one of our oldest and established family offices, showing the widespread interest in and acceptance of the potential of decentralised finance.”

Stablecoins have been the focus of much regulatory interest on a global scale––from US representatives seeking to shore up rules around USDC and USDT to projects like Luna creating UST and backing it by purchasing mass amounts of Bitcoin. The cryptocurrencies pegged to the dollar are slowly becoming the backbone of the whole industry. 

“We are already seeing demand from our other clients and the market generally for an A-dollar stablecoin which can deliver faster and more efficient payments with greater functionality,” McCall says. 

Kurt Grumelart, a trader at Zerocap, recently outlined a blog on March 23 for the company about stablecoins and their role in the economy, plus their potential to help change the financial system. Grumelart’s analysis focuses on how average citizens can use stablecoins to reduce risk and boost earnings. 

“Truly understanding the needs of institutions like ANZ was critical to Zerocap playing a role in this ground-breaking initiative. From the outset, we’ve focused on 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,” added McCall in Grumelart’s blog. 

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What is Zerocap

Zerocap’s mantra is zero friction, borderless finance. Zerocap is Australia’s leading full-service crypto platform, providing tailored investment products and secure custody to a global client base of wholesale investors, institutions, HNWs, and family offices. Zerocap creates bespoke solutions for investors to build and diversify their investment portfolio with digital assets through a range of regulated and direct exposure products across the volatility spectrum to fit with their desired levels of investment and risk. Zerocap has assembled a team of blockchain experts, institutional portfolio managers and advisers, and experienced traders, backed by strong regulatory, compliance, security, and reporting functions. Zerocap provides market-leading institutional-grade custody and storage facilities backed by insurance policies for all of its investors, utilizing best-in-class technology such as MPC cryptography and hardware isolation.

Where to find Zerocap:

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Source : bsc.news