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Usha Yadav
Jun 27, 2022
by Usha Yadav

ANZ's Stablecoin is Used to Purchase Tokenized Carbon Credits

ANZ's Stablecoin

Table of contents

  1. BetaCarbon - Carbon Trading Platform
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 blockchain industries but isn't necessarily interested in speculative crypto assets. Instead, the bank looks at blockchain technology as a way to "pursue the transition of financial market infrastructure."

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Carbon Credits ANZ's Stablecoin Tokenized Carbon Credits
ANZ's Stablecoin is Used to Purchase Tokenized Carbon Credits
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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