FinTech: ANZ And Grollo Carbon Ventures Test Trading In Tokenized Australian Carbon Credit Units (ACCUs) On The Blockchain

The trial was part of the Central Bank Digital Currency (CBDC) pilot run by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre.

ANZ (ASX: ANZ), one of Australia’s largest banks, has partnered with Grollo Carbon Ventures to successfully trade Australian Carbon Credit Units (ACCUs) using digital tokens. ANZ issued its stablecoin, A$DC, to tokenise existing ACCUs, enabling Grollo to purchase them using smart contracts on a public, permissionless blockchain with settlement occurring in near real-time.

This marks ANZ’s first use-case as part of the Central Bank Digital Currency pilot, led by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre. The objective of the pilot is to investigate the potential use cases for a Central Bank Digital Currency (CBDC) in Australia and assess the economic advantages it could bring.

Tokenisation of real-world assets can reduce settlement time, mitigate settlement-related counterparty risk, and improve efficiency and transparency, reducing risk and preserving the unique characteristics of underlying projects to incentivise investment in climate solutions.

The Australian Government’s Clean Energy Regulator issues ACCUs to projects that meet approved emissions avoidance, reduction, or removal methodologies. ACCUs are distinct due to the specific information related to their underlying project, such as the chosen methodology, project location, project proponent, and additional environmental and social benefits.

The demand for nature-based assets is projected to increase considerably as more organizations adopt net-zero transition strategies. ANZ possesses prior expertise in digital asset capability. Last year, ANZ carried out the initial Australian-bank issued Australian-dollar stablecoin payment using a public, permissionless blockchain transaction.

Related Story:  Algorand Launches Self-Sustaining Smart Contract To Automate Carbon Offsets

Image by Maicon Fonseca Zanco from Pixabay

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