The A$DC stablecoin of ANZ Bank, one of Australia’s largest banks, was used to purchase Australian carbon credit units as tokens.
Victor Smorgon Group purchased a digital version of Australian Carbon Credit Units (ACCU) using the A$DC stablecoin. The deal was done through the BetaCarbon platform, which creates tokenized ACCUs through BCAU digital security assets. This was reported by the Australian Financial Review (AFR).
ANZ Bank launched its own stablecoin A$DC based on Ethereum in March this year, pegged to the Australian dollar (AUD). The bank successfully tested the coin by conducting a pilot transaction between Victor Smorgon Group’s family office and ZeroCap, a digital asset management fund, for about 30 million AUD.
Victor Smorgon, a major Australian industrialist and ANZ institutional partner, purchased Australian carbon credit units using the A$DC stablecoin, according to AFR. The transaction again involved the ZeroCap fund, which exchanged the A$DC provided by Smorgon for USD Coin (USDC). BetaCarbon accepted payment in USDC by selling tokenized carbon credits to the industrialist. The transaction amount was not disclosed.
ANZ’s banking services portfolio lead Nigel Dobson said the deal was a critical test of the asset’s options in the Australian economy. Dobson also added that ANZ will continue to explore options for using distributed ledger technology (DLT) to empower institutional investors to leverage digital assets, particularly the A$DC stablecoin. He noted that the focus in this area is on creating digital counterparts to financial market assets rather than speculative coins.
Carbon credits are a permit to emit into the atmosphere. Carbon credit trading enables companies with lower-than-permitted emissions to sell that difference in the form of a quota to companies with excess greenhouse gas emissions. ACCUs are created, implemented, and tracked, and each carbon credit has a unique serial number.
As a reminder, the Australian Department of the Home Affairs recently released a list of major risks and opportunities that cryptocurrencies pose. And amid the general decline of the crypto market, 16% of the total market cap belongs to stablecoins.
