Australia and New Zealand Banking Group (ANZ) has developed a number of new uses for an enterprise-focused stablecoin.
The bank, which has $706.6 billion in assets under its management, aims to enable carbon trading and tax collection with the help of stablecoins.
ANZ also aims to allow retail customers to purchase NFT with the help of stablecoins. Available on a potential A$DC Metaverse platform.
Australia’s second largest bank announced that it has partnered with cryptocurrency platform Fireblocks for an Australian dollar-backed stablecoin. The bank became the first major banking institution to make such a move.
The project was originally developed for Victor Smorgon Group, one of Australia’s most successful family offices.
Stablecoin initially drew backlash from regulators, but ANZ director Nigel Dobson noted that they were seen very constructively with regulators.
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