The Anz Bank stablecoin is used to buy tokenized carbon credits

The Anz Bank stablecoin is used to buy tokenized carbon credits

A stable coin, which was issued by one of the largest Australian banks, was used to buy CO2 credits in tokens in a pioneering transaction that aims to test the feasibility of the assets in instruments for CO2 reduction.

Victor Smorgon Group (VSG), a private investment company that manages the Smorgon family's billion assets, bought Australian Carbon Credit Units in its tokenized form of the Betacarbon emission trade platform.

betaCarbon token Australian carbon credits in its BCAU-TOKEN, with each carbon bound 1 kg.

It is the latest for the StableCoin A $ DC, which was introduced in March, which became the country's first stable coin issued by a bank that was covered on a dollar basis-redeemable to a 1: 1 basis for Australian dollars. In this case, A $ DC was used to enable a 30 million dollar pilot transaction with a smart contract compatible with Ethereum Virtual (EVM).

In the transaction on Sunday, VSG initially sent an inquiry with the request to exchange a defined amount of Australian dollars in A $ DC. Zu then shaped a corresponding amount from BCAU and passed it on to the fund manager for digital assets and the custody account, which carried out the transaction on behalf of VSG.

The fund manager then acted as a market maker for carbon loan transaction, in which an offer for the stable coin USDC from Circle, the preferred pair of betacarbon, was caught before Zerocap created a market for a $ DC/BCAU.

The transaction provided a $ DC/BCAU liquidity and, according to the statement, offered both VSG and Zerocap Recommendation Rights for A $ DC.

"Everyone involved, in particular Anz and Zerocap, really want to expand the use of stablecoin [a $ dc]," said Ryan McCall, CEO from Zerocap, in an interview with block works. "Our thesis is that we will see the tokenization of everything, including bonds, stocks, real estate, the works."

He said his company demonstrated applications for tokenized assets beyond cryptocurrency. Tickenization refers to the process of taking a asset and converting it in a certain blockchain for use. In March, Zerocap also provided support in custody where the technology was praised for its processing speed.

When asked about security behind the transactions, Zerocap Blockworks informed that they use various Custody technology platforms, including Fireblocks, for the creation and storage of private keys. The asset manager also said that he had a tailor -made insurance policy from Llyod’s from London - one of the world's largest and oldest insurance companies.

After the success of the deal, McCall said that blockchain technology offers "irrefutable processing" as well as "safe custody" and "smooth transactions".

"By providing cerocap and creating a market for CO2 certificates with A $ DC, we prove how efficiently a digital asset ecosystem can be for trade and the handling of an asset that most people do not even link to crypto," said McCall.

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The Post StableCoin of the Anz Bank, which is used to buy tokenized carbon credits, is not a financial advice.