The latest A$DC transaction saw ANZ’s institutional partner Victor Smorgon use A$DC to buy Australian Carbon Credit Units from blockchain-based carbon commerce platform BetaCarbon.
ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another vital check of the asset’s use cases in the native economy.
In March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin when overseeing a pilot dealings value $20.76 million, or thirty million Australian dollars (AUD), between Victor Smorgon cluster and digital plus manager Zerocap.
ANZ’s stablecoin is absolutely collateralized by AUD control within the bank’s managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain.
According to a Monday report from the Australian money Review (AFR), the latest transaction saw its long-time institutional partner Victor Smorgon use A$DC to buy Australian Carbon Credit Units (ACCUs).
The carbon credits were tokenized and provided by BetaCarbon, a blockchain-based carbon trading platform that problems digital security assets dubbed BCAUs, that represent one weight unit of carbon offsets per credit.
The dealings conjointly saw participation from Zerocap once more, World Health Organization provided market-making services and liquidity by exchanging the A$DC sent from Victor Smorgon into USD Coin (USDC) so BetaCarbon may settle for the deal. the worth of the dealings has not been such that, however.
In terms of the bank’s outlook on the crypto/blockchain sector, ANZ’s banking services portfolio lead Nigel Dobson told the AFR that the firm is observing blockchain school as a way of “pursuing the transition of monetary market infrastructure” and isn't essentially fascinated by speculative crypto assets themselves:
“We see this is evolving from being internet-protocol based to one of ‘tokenized’ protocols. We think the underlying infrastructure — efficient, secure, public blockchains — will facilitate transactions, both ones we understand today and new ones that will be more efficient.”
Dobson echoed similar sentiments at the Chainalysis Links event in Sydney on june 21, noting that ANZ promptly “banned the word crypto now all told of our internal communications and narrative” once it started exploring blockchain tech a couple of years past.
He went on to feature that the bank has explored multiple use cases for blockchain school, like offer chain trailing and providing on-ramps via stablecoins for institutions to take a position in digital assets. However, Dobson suggested that tokenized carbon credits were a key space that the bank has been gearing up for:
“Another area where we have a strong position in terms of sustainability is where we feel the tokenization of carbon credits and marketplaces driven by tokenized assets and tokenized value exchange will be really efficient.”
( Brian Quarmby, Cointelegraph, 2022 )