- Australian and New Zealand banking group completes first use case in a pilot project.
- The collaboration will carry on for three projects.
- The launch of A$DC places it as the first ever Australian dollar-based stablecoin to be issued.
Australian and New Zealand banking group (ANZ) has announced the completion of their use case in the pilot project run by the Reserve Bank of Australia and the Digital Finance Cooperative Research Center using the central bank digital currency (CBDC).
The Australian and New Zealand banking group (ANZ) partnered with Grollo Carbon Ventures to effectively trade carbon credits. They made use of the first Australian dollar-backed stablecoin.
The Australian and New Zealand tokenized Carbon credit units (ACCUs) and the Grollo Carbon Ventures used their A$DC stablecoin to trade carbon credits on a permissionless and public blockchain. A settlement occurred in almost real-time through the smart contracts of the Australian and New Zealand banking group.
The Australian CBDC was also used in backing A$DC. When applied to carbon markets, tokenization can improve efficiency and transparency and reduce risk while preserving underlying projects’ unique characteristics and incentivizing investments in climate solutions.
This finished pilot use case is the first of the three Australian CBDC pilot use case projects in ANZ scheduled to participate. They will also be involved in the use cases for offline payments and pension fund payments, which are known to be among the 14 use case projects the Reserve Bank of Australia announced back in March.
The Australian and New Zealand banking group will also distribute the CBDC, asides from the pilot use case projects.
The launch of A$DC in March 2022 placed it as the first ever Australian dollar-based stablecoin to be issued, and it was later used in June of the same year in an ACCU trade between two groups.
The launch of the central bank live pilot was announced in March. Its use cases ranged from offline payments to another trusted Web 3 commerce, and financial industry participants were also invited to participate in the live pilot.
The Reserve Bank of Australia partnered with the DFCRC on the research project to explore the potential use cases and the economic benefits of a central bank digital currency (CBDC) in Australia.
The Reserve Bank of Australia also said that the initial stage of their research project involved selecting several financial Industry participants to help demonstrate the possible use cases of the central bank digital currency.
Conclusion
The Australian and New Zealand banking group are expected to participate in other pilot use case projects by the central Bank digital currency. They will also be active in the use cases for offline payment services.
