Australias ANZ stablecoin used to purchase carbon credits
Australia Stablecoin
Modified Date:- Published Date:-Categories: Cryptocurrency
Australias ANZ stablecoin used to purchase carbon credits
The Victor Smorgon Group has used ANZ Banking Groups Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap.
- Carbon Credits were tokenized to form a digital security token – known as BCAU – by the carbon trading platform
- The parties took part in the first A$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.
- Were 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 Australias Big Four banking groups.
Stablecoin is a cryptocurrency which can be used in payments and purchases on the ZeroCap platform, as well as providing access to carbon credits.