ANZ Stablecoin token used to buy carbon credits ANZ Stablecoin
ANZ Stablecoin
Modified Date:- Published Date:-Categories: Cryptocurrency
ANZ stablecoin A$DC has been used to purchase the Australian token Carbon Credits, another important test of the asset’s use cases in the local economy. In March, the "big four" bank became the first major Australian financial institution to create its own stablecoin after overseeing a 30 million AUD ($20.76 million) pilot transaction between Victor Smorgen Group and digital asset manager ZeroCap. The ANZ stablecoin is collateralized entirely by Australian dollars (AUDs) held in the bank's managed reserve account. So far, A$DC transactions have mainly been conducted on the Ethereum blockchain. The transaction again saw the participation of ZeroCap, who provided market-making services and liquidity by exchanging A$DC sent from Victor Smorgen into USD Coin (USDC) so that BetaCarbon could accept the deal. However, the value of the transaction has not been specified. In terms of the bank's outlook on the crypto/blockchain sector, ANZ's Head of Banking Services Portfolio Nigel Dobson told AFR that the firm is looking at blockchain technology as a means to "chasing the transition to financial market infrastructure". And not necessarily interested in speculative crypto assets themselves.Earlier this month, ANZ declined to offer any crypto exposure to retail investors due to its lack of financial literacy. Mel Carnegie, an executive in retail banking, noted at the Australian Financial Review Banking Summit that "the majority of them don't really understand basic financial wellness concepts."
Stablecoin, Australian dollars, Ethereum ,blockchain Technology, Crypto Assets, Zero Cap, Victor Smorgen, USD Coin