ANZ Bank Uses Its Stablecoin A$DC to Buy Tokenised Carbon Credits
ANZ Dollar Coin (A$DC)
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ANZ Bank Uses Its Stablecoin A$DC to Buy Tokenised Carbon Credits
In March, ANZ became the first bank to create an Australian dollar stablecoin, when it created A$30 million DC, which can be used to avoid conversion fees and avoid conversion fees on purchases of crypto assets by investment company Victor Smorgen Group (VSG). was done for.
ANZ Anticipates Big Things for A$DC ANZ’s
A$DC is fully collateralised by Australian dollars and is redeemable at parity with funds held by ANZ in its managed reserve account.Unlike algorithmic stablecoins such as the Terra-based UST and Tron-based USD, which have faced enormous issues maintaining their pegs to the US dollar, A$DC has no pegging mechanism and carries no risk. that it may be de-pegged from the Australian dollar. According to Nigel Dobson, Head of Banking Services at ANZ, the bank’s stablecoin can be thought of more as a “token deposit” than a typical crypto stablecoin.
Ethereum Blockchain of Choice for Now Dobson said that the Ethereum blockchain was preferred at the moment because it established a set of de facto standards, including ERC-20 smart contracts. However, he expects Ethereum to potentially shift to other, faster and more durable networks, such as Solana or Polygon, as these networks implement the same standards and mature.
To date, A$DC has only been used by VSG for real-world transactions, but this is likely to change soon. Earlier this month, ANZ revealed that it was planning to expand access to its stablecoin to a wider range of institutional clients and, in the longer term, possibly to retail investors.
ANZ Bank, one of Australia’s largest financial institutions, has launched a stablecoin on the Tron platform. ANZ’s new stablecoin A$DC is based on Terra-based UST tokens, which are issued by VSG. The project aims to bring greater credibility and transparency to the cryptocurrency market.