Australia’s ANZ bank has completed a trade in tokenized carbon credits using its central bank digital currency-back stablecoin in the first of 14 use case studies.
Australia and New Zealand Banking Group has completed its use case in the pilot project run by the Reserve Bank of Australia and Digital Finance Cooperative Research Centre using central bank digital currency . ANZANZ tokenized Australian Carbon Credit Units and GCV used its A$DC stablecoin to trade carbon credits on a public, permissionless blockchain. Settlement occurred “in near real-time via ANZ smart contracts,” the bank said. Australian CBDC was used to back A$DC.
“When applied to carbon markets, 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.” This was the first of three Australian CBDC pilot use cases in which ANZ will participate. It will also be involved in use cases for offline payments and pension fund payments, which are
the RBA announced in March. Besides the three projects, ANZ will also be involved in distributing the CBDC.
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