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Tuesday, December 6, 2022

ANZ’s Stablecoin Can Now Be Used To Purchase Tokenized Credits Of Carbon

A$DC, the stablecoin of ANZ will be used to buy the tokenized carbon credits of Australia- which marks another critical test of the asset’s utility in the local economy.

In March, this bank turned out to be the first major financial institution in the country to bring out its stablecoin after it saw through a pilot transaction which had a worth of $20.76 million, or 30 million Australia Dollars, between Zerocap- a digital asset manager, and Victor Smorgon Group. The stablecoin of ANZ has been fully collateralized by the AUD which has been held in the bank’s reserved account.

ANZ Could Herald A New Chapter Of Blockchain In Australia

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According to a report published on Monday by the Australian Financial Review, the latest transaction of ANZ’s stablecoin saw its long-time institutional partner Smorgon using A$DC to purchase ACCUs- or Australian Carbon Credit Units. The carbon credits were further tokenized and provided by BetaCarbon, a carbon trading platform based on blockchain that readily issues digital security assets that have been dubbed BCAUs, as they represent one kilogram of carbon offsets per credit.

This transaction also saw the participation from Zerocap yet again, who provided most of the market-making services and liquidity all the while exchanging the A$DC that was sent from Victor Smorgon into the USDC so that BetaCarbon would be accepting the deal. 

If one were to focus on the outlook of the bank towards the crypto sector, the banking services portfolio lead for ANZ, Nigel Dobson informed the AFR that the firm had been looking at blockchain tech as a means of pursuing the transition of financial market infrastructure and was not interested in speculative crypto assets on their own.

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Dobson also echoed the sentiment which was prevalent in the Chainalysis Links event in Sydney on the 21st of June, where they noted that the bank had banned the word crypto a few years ago while delving into the world of blockchain.

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