Zerocap partners in first Australian Dollar bank backed Stablecoin

Zerocap partners in first Australian Dollar bank backed Stablecoin

Zerocap has underlined its position at the forefront of enabling and encouraging Australian investors and corporates to adopt and use digital assets and blockchain-based systems, with their involvement in the ground-breaking A$DC, the first stablecoin linked to the Australian dollar that is backed by a major Australian bank.

Zerocap worked with ANZ Bank and global digital asset custody provider Fireblocks to mint A$DC, a new stablecoin pegged to the Australian dollar, for Victor Smorgon Group, a client of both ANZ and Zerocap. The initial transaction saw $30 million A$DC transferred from ANZ direct to Zerocap in seconds. 

“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 decentralised finance.

“We are already seeing demand from our other clients and the market generally for an A-dollar stablecoin, which can deliver faster and more efficient payments with greater functionality.

“From our inception, Zerocap has focused on building and delivering institutional-grade investment products and trading services for digital assets. Our trade administration solution and services provide appropriate security, custody, reporting and compliance for clients and users.

“We are delighted to work with ANZ, Victor Smorgon Group and global digital asset infrastructure providers to bring our knowledge of crypto assets, coins, and the digital marketplace to this initiative,” Ryan McCall said.