OpenZeppelin, a renowned Web3 protection and audit expert, declared it would incorporate the Hedera networking into its OpenZeppelin Defender & OpenZeppelin Contracts solutions. The correct implementation will first be utilized by ANZ Bank, the 2nd-largest financial institution in Australia in terms of total market capitalization, to launch A$DC, a stablecoin supported by the Australian dollar. The project offers ANZ the chance to test its A$DC on a quick, scalability, and energy-efficient network.
The HBAR Foundation is thrilled to support the fusion of the Defender and Contracts services from OpenZeppelin with those of the Hedera network. Companies may speed up the creation, implementation, controlling, and supervising of Solidity smart contracts on Hedera by enabling them to employ OpenZeppelin’s market-leading safety and audit abilities on the Hedera network.
The Hedera network’s security level, flexibility, durability, and efficiency will benefit clients like ANZ Bank and many others. In contrast, OpenZeppelin’s smart contract security mechanisms will provide them with even more assurance.
Earlier in 2022, ANZ Bank introduced A$DC, which enabled $30M to be transmitted in about 10 to 15 minutes to a digital asset fund manager named Zerocap. Normally, this operation would take days using legacy banking infrastructure. With this transaction, ANZ Bank became the country’s first bank to create a stablecoin on the Ethereum platform. In the future, ANZ Bank plans to extend the use of A$DC, such as on the Hedera network. ANZ will test the OpenZeppelin contracts library throughout its partnership with OpenZeppelin and Hedera for stable token and network security templates.
After the recent launch of A$DC early this year, ANZ is well-positioned to investigate additional application cases. They may think about employing OpenZeppelin for upcoming security solutions after hiring them to examine the A$DC stablecoin smart contract previously this year.
The platform from OpenZeppelin is the industry norm for developing and safeguarding Web3 apps. Its Defender offer provides high-quality Web3 goods with a risk reduction and simplifies smart contract activities. The Defender, employed by companies like Coinbase, StarkWare, Optimism, and Aave, watches and reacts to smart contract vulnerabilities in real-time, reducing known attacks. Through its connection with Hedera, more businesses will be inspired to create Solidity-based smart contracts on the network, enhancing Hedera’s reputation as a reliable platform for DeFi apps.
With help from the HBAR Foundation, OpenZeppelin will be able to take important initiatives like ANZ’s A$DC and safeguard them on Hedera’s quick, durable, safe, and scalable public ledger. The stablecoin would be established and administered securely using best practices that exceed ANZ’s high criteria as a dependable commercial bank, thanks to OpenZeppelin’s experience and technology.
The HBAR Foundation, established in 2021, supports the growth of the Hedera ecosystem by awarding funds and other means to developers, businesses, and groups who want to introduce decentralized applications in the Defi, NFTs, CBDCs, sustainability, gambling, and other industries. The HBAR Foundation is an integrated key enabler by offering expert help across technological, commercial, and corporate development and financing through a straightforward grant process.