ANZ’s stablecoin A$DC has reportedly been the supporting instrument for the purchase of Australian tokenized carbon credits – a major milestone for trialing the asset’s use cases in the local economy.

Specifically, In March this year, the “Big Four” bank reportedly took the pioneering role as the first high-profile Australia-based financial entity to mint its self-developed stablecoin, following keeping oversight of a pilot transaction, with the equivalent value of $20.76 million (30 million Australian dollars), between Victor Smorgon Group and digital asset manager Zerocap.

ANZ’s stablecoin is fully collateralized by AUD held in the bank’s managed reserved account. Up to this moment, A$DC transactions have mainly been carried out on the Ethereum blockchain.

Per a June 27th report generated by the Australian Financial Review (AFR), the most recent transaction witnessed its long-time institutional partner Victor Smorgon utilizing A$DC to buy Australian Carbon Credit Units (ACCUs).

The carbon credits went through the tokenization process with BetaCarbon – a blockchain-powered carbon trading platform taking care of the issuance of virtual security assets called “BCAUs” – a representative of one kilogram of carbon offsets for every credit – being the provider. 

The transaction also witnessed Zerocap taking part one more time, releasing market-making solutions and liquidity via converting the A$DC sent from Victor Smorgon into USD Coin (USDC) to allow for the acceptance of BetaCarbon towards the deal. 

Regarding the bank’s perspective on the crypto/blockchain sphere, ANZ’s banking services portfolio leads Nigel Dobson reportedly shared with the AFR that it is taking into consideration blockchain tech as a measure of “pursuing the transition of financial market infrastructure.” 

“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.”