ANZ, the Australian banking behemoth, has taken a bold step towards facilitating sustainable practices by pioneering digital carbon credit trading using stablecoin technology, in partnership with Grollo Carbon Ventures (GCV). This marks a significant achievement for ANZ, as it completes the bank's first use-case as part of the Central Bank Digital Currency (CBDC) pilot program run by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC).
To test tokenisation of real-world, nature-based assets, ANZ and GCV began with Australian Carbon Credit Units (ACCUs). ANZ tokenised existing ACCUs and issued its stablecoin, A$DC, allowing GCV to purchase tokenised ACCUs with settlement occurring in near real-time via ANZ smart contracts. The transaction was conducted on a public, permissionless blockchain, demonstrating the use of digital assets to reduce settlement time and help mitigate settlement-related counter-party risk. Pilot CBDC was used as a risk-free asset to support the issuance of A$DC.
Nigel Dobson, ANZ Banking Services Lead, expressed his satisfaction with the successful execution of the transaction, stating that ANZ is delighted to collaborate with GCV to explore secure access to the digital economy, while supporting the community and the environment. Tokenisation has the potential to improve efficiency and transparency, reduce risk and preserve the unique characteristics of underlying projects to incentivise investment in climate solutions, he added.
Lorenz Grollo, CEO of Grollo Group, shared his enthusiasm for the project, stating that GCV was established to invest in innovative sustainability solutions, and this transaction has been an exciting research opportunity. He added that as more organisations implement net-zero transition plans, the demand for nature-based assets is expected to grow significantly.
ANZ's success in digital asset capability is not new, having executed a payment using the first-ever Australian-bank issued Australian-dollar stablecoin, A$DC, last year through a public, permissionless blockchain transaction. ANZ's efforts to promote sustainable practices through cutting-edge technology will undoubtedly set a new precedent for future developments in the field, as banks increasingly seek to navigate the challenges of promoting sustainable practices in the digital age.
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