HESTA and ANZ are examining whether the bank’s stablecoin could allow the industry super giant to comply with the government’s payday super rules, which will more than double the volume of payments superannuation funds receive from employers.
ANZ, which created a digital version of a deposit known as the A$DC in early 2022, has been exploring applications in wholesale markets alongside the Reserve Bank. One of the benefits of digital currency is allowing data to be connected to a payment and for both to be moved simultaneously.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
