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WHY THIS MATTERS IN BRIEF

Money is changing. Alot. And this is both giving governments new opportunities and freaking them all out.

 

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Australia and New Zealand Banking Group (ANZ) said on Thursday it carried out an Australian dollar stablecoin payment, in a landmark transaction to become the first Australian lender to mint a digital asset linked to the country’s currency.

 

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Unlike Bitcoin and other traditional cryptocurrencies a stablecoin is a kind of digital asset that is devised to keep its value stable in relation to another asset, and are frequently used as a portal to other cryptocurrencies or to generate income in decentralised financial (DeFi) systems.

ANZ said it has delivered the Australian dollar stablecoin, which it calls A$DC, to a private wealth management firm for digital assets – Victor Smorgon Group – through digital asset investment platform Zerocap.

The company’s move to mint digital assets linked to the Australian dollar comes after the Reserve Bank of Australia (RBA) said last year the growth of digital wallets could allow the exchange of tokens or digital forms of money that could be backed by the RBA, even as the central bank remains sceptical of the digital currency.

 

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ANZ, the country’s number three lender, said it has minted 30 million of A$DC using a smart contract and the coins were transferred between the parties and later redeemed back into Fiat currency.

About author

Matthew Griffin

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future” series. Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.

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