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Cryptoknowmics 2022-06-27 06:59:45

ANZ’s Stablecoin is Used to Purchase Tokenized Carbon Credits

Australian tokenized carbon credits were purchased with ANZ’s stablecoin A$DC, serving as yet another important test of the asset’s potential use in the regional economy. After supervising a test transaction worth 30 million AUD ($20.76 million) between Victor Smorgon Group and digital asset management Zerocap in March, the “Big Four” bank became the first significant Australian financial institution to issue its stablecoin. Australian dollars (AUD) kept in the bank’s managed reserved account serve as the sole collateral for ANZ’s stablecoin. The Ethereum blockchain has been the central platform for A$DC transactions. The newest transaction saw its long-time institutional partner Victor Smorgon use A$DC to buy Australian Carbon Credit Units (ACCUs), the Australian Financial Review (AFR) reported on June 27. BetaCarbon – Carbon Trading Platform BetaCarbon, a blockchain-based carbon trading platform, provides digital security assets known as “BCAUs,” which stand for one kilogram of carbon offsets per credit, tokenized and given the carbon credits. Zerocap took part in the transaction, offering market-making services and liquidity by converting the A$DC paid by Victor Smorgon into USD Coin (USDC), which enabled BetaCarbon to approve the deal. However, the transaction’s value has not been made clear. According to ANZ’s banking services portfolio lead Nigel Dobson, the bank has a positive outlook on the cryptocurrency and blockchai...

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