ANZ Becomes The First Bank To Mint Australian Dollar Stablecoin

“Most of the industry utilizes non-bank and often unregulated USD stablecoins. Now with this Big 4 bank-issued AUD stablecoin, the use case is a lot more compelling,” said ZeroCap CEO Ryan McCall. Big 4 bank ANZ has become the first Australian bank to mint an Australia dollar (AUD) pegged stablecoin named “A$DC.”But rival bank NAB also has its own stablecoin project which is expected to launch by the end of the year.ANZ is working with local regulators such as AUSTRAC and APRA to get the project signed off in a compliant manner, and has already run a test transaction on the Ethereum....

The latest A$DC transaction saw ANZ’s institutional partner Victor Smorgon use A$DC to purchase Australian Carbon Credit Units from blockchain-based carbon trading platform BetaCarbon. ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical test of the asset’s use cases in the local economy. In March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin after overseeing a pilot transaction worth 30 million AUD ($20.76 million) between Victor Smorgon Group and digital asset manager Zerocap.....

Following the fall of TerraUSD, DEI, the algorithmic stablecoin by DEUS Finance, takes a nosedive below 60 cents. As the market continues to mourn over losses on the Terra UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg, falling below 60 cents on Monday. As the price of DEI hit an all-time low of $0.52, its market capitalization also followed, dropping from almost $100 million to around $52 million. However, despite....

The future could be one wherein the Australian dollar could cease to exist through physical notes and coins to become digital instead. In a recent speech given by Tony Richards, head of the Reserve Bank of Australia (RBA)’s payments policy department, he revealed that the RBA had kept a watchful eye on the growth in demand for digital currencies such as Bitcoin, to speculate and believe that Australia will, in the future, have a central-bank-issued digital currency. In a report by the Sydney Morning Herald today, the RBA sees a future wherein digital dollars will circulate and co-exist....

Amid much fanfare, many algorithmic stablecoins have not been stable. Is the problem intractable, or it's the just the algorithms that aren't good enough? Amid the meteoric rise of decentralized finance in 2020, there was persistent interest in a class of coins popularly dubbed “algorithmic stablecoins.” Some of the more famous ones include Ampleforth (AMPL), Based, Empty Set Dollar (ESD) and Dynamic Set Dollar (DSD).While these tokens are commonly considered algorithmic stablecoins, the teams involved have their own definitions. For MakerDAO, an algorithmic stablecoin is one that uses....