Reports said that ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical test of the asset’s use cases in the local economy.
It has been reported that in March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin after overseeing a pilot transaction worth $20.76 million, or 30 million Australian dollars (AUD), between Victor Smorgon Group and digital asset manager Zerocap.
However, ANZ’s stablecoin is fully collateralized by AUD held in the bank’s managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain. According to a Monday report from the Australian Financial Review (AFR), the latest transaction saw its long-time institutional partner Victor Smorgon use A$DC to purchase Australian Carbon Credit Units (ACCUs).
The report said that the carbon credits were tokenized and provided by BetaCarbon, a blockchain-based carbon trading platform that issues digital security assets dubbed BCAUs, which represent one kilogram of carbon offsets per credit.
Likewise, the transaction also saw participation from Zerocap again, who provided market-making services and liquidity by exchanging the A$DC sent from Victor Smorgon into USD Coin (USDC) so that BetaCarbon could accept the deal. The value of the transaction has not been specified.
“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.”
Thus, Dobson suggested:
“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.”