ANZ has claimed a first for an Australian bank in the digital asset market, executing a bank-issued Australian dollar stablecoin payment for a client.

ANZ said it “minted” 30 million Australian dollar stablecoins using an ANZ built ethereum virtual machine and delivered the stablecoin for Victor Smorgon Group via Zerocap, a wealth management firm specialising in digital assets.

The coins were transferred between the parties and later redeemed back into fiat currency.

ANZ banking services lead Nigel Dobson said in a statement: “This was an efficient and direct way for Victor Smorgon Group to access Zerocap’s digital asset exchange and move funds across a decentralised network.”

The Victor Smorgon Group is a family office with a diversified investment portfolio. Last year, it bought a stake in Zerocap to make investments in the digital asset class.

Unlike most players in the crypto industry, which service the retail investment market, Zerocap has a global institutional client base.

ANZ said it worked with a number of service providers to build its ethereum compatible stablecoin, including digital assets custodian and settlement company Fireblocks, crypto transaction monitoring software company Chainalysis and blockchain security company OpenZeppelin.