Australia’s ANZ stablecoin used to purchase carbon credits
The Victor Smorgon Group has used ANZ Banking Group’s Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap.
See related article: Australian crypto industry watches as sole trader charges two top banks with ‘debanking’
Fast facts
- The carbon credits were tokenized to create digital security tokens — known as BCAUs — by carbon trading platform BetaCarbon.
- The parties took part in the first A$DC transaction in March, which was the first Australian-bank issued stablecoin transaction on a public permissionless blockchain.
- Stablecoins can conduct settlement on-chain as opposed to a third-party platform such as Visa, thus reducing counterparty risks and transaction times.
- “We’re seeing increasing customer appetite to use A$DC to enter the digital economy,” ANZ Banking Services Lead Nigel Dobson said in a statement.
- ANZ is one of Australia’s “Big Four” banking groups.
See related article: Australia’s ANZ settles in crypto debanking case
