Australian bank ANZ Bank has announced it has launched an Ethereum-based A$DC stablecoin pegged at a ratio of 1:1 to the Australian dollar, Financial Review reports.
According to the news outlet, the ANZ is cooperating with regulators AUSTRAC and APRA to ensure regulatory compliance.
Regarding the participants, custodian Fireblocks has provided the necessary infrastructure, OpenZeppelin has audited the smart contract and Chainalysis has signed a contract to help with regulatory compliance.
The bank has ambitious plans for the project because it intends to release A$DC on other blockchains, including Hedera Hashgraph.
A$DC is programmable and can interact with other Ethereum contracts. The bank aims to reduce commissions after the transition of the crypto’s blockchain to the proof-of-stake (PoS) consensus algorithm.