Australia and New Zealand Banking Group is one step closer to launching its bank-issued stablecoin A$DC after successfully executing a test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP):

Nigel Dobson, head of banking services portfolio at ANZ explain The bank said in a statement on September 14 that the transaction was a “milestone” moment:

“ANZ recently completed a test transaction in partnership with Chainlink CCIP to simulate the purchase of tokenized assets, assisted by A$DC and a NZD-denominated stablecoin issued by ANZ.”

Dobson said the company has been trialling multiple networks, presumably to test where ANZ’s Australian dollar stablecoin can be best utilized:

“We are actively exploring the use of decentralized networks through a ‘test and learn’ approach,” the ANZ executive said.

Dobson said ANZ sees “real value” in tokenizing real-world assets such as the Australian dollar, a move that could transform the banking industry:

“Tokenized assets are already changing the way banking operates, and the technology has the potential to do even more if the right pieces can be put together.”

ANZ minted the first A$DC stablecoin in March 2022, becoming the first Australian bank to do so. A year later, National Australia Bank became the second with the AUDN stablecoin on Ethereum.

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However, NAB and some of its peers – Commonwealth Bank of Australia, Westpac and Bendigo Bank – have recently implemented restrictions and, in some cases, blanket bans on bank transfers to several “high-risk” cryptocurrency exchanges.

The banks said the main reason for imposing the restrictions was the need to protect customers from cryptocurrency scams.

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