Zerocap, an Australian crypt asset platform, has partnered with ANZ Bank to offer the first stablecoin pegged to the Australian dollar, the company announced Wednesday (March 30).
Zerocap introduced A$DC stablecoin, and the initial transaction saw $30 million A$DC transferred from ANZ direct to Zerocap.
Zerocap has worked with ANZ Bank and Fireblocks, a global digital asset tech provider, to mint the coin for Victor Smorgon group, which is a client of both ANZ and Zerocap.
“Digital assets are going mainstream and blockchain technologies are offering new and better ways to transact direct end-to-end,” Zerocap CEO Ryan McCall noted. “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 decentralized finance.”
He added that the company was “already seeing demand” from other clients for the stablecoin, which would have the benefits of faster and better payments, with better functionality.
PYMNTS wrote that stablecoins have gotten an unusual amount of focus from policymakers, especially since Meta launched its plan in 2019 to roll out a stablecoin that would be immediately available for Facebook’s 2.3 billion users globally.
Since then, lawmakers around the world have seen a case for regulating them more strictly.
PYMNTS wrote that stablecoins have a positive effect as a “lubricant” to help the crypto market flow, letting traders make trades with a larger amount of coins across various exchanges, being easier to sell one token for stablecoins and buy another with them.
For frequent traders, stablecoins also represent a way to park funds as one waits for the next buying opportunity.