ANZ Successfully Explores The First CBDC Use Case For Carbon Credit Trading

Key Points:

• ANZ has completed its use case in the RBA and DFCRC pilot project using CBDC.
• ANZ tokenized ACCUs, and GCV traded carbon credits on a public, permissionless blockchain using its A$DC stablecoin.
• The AUDN was the second Australian bank-issued stablecoin, created exclusively for carbon credit trading by National Australia Bank.

Australia and New Zealand Banking Group (ANZ) have announced a successful partnership with Grollo Carbon Ventures (GCV) to trade Australian Carbon Credit Units (ACCUs).

The use of digital assets to improve settlement time and eliminate settlement-related counter-party risk was proven by ANZ tokenizing ACCUs and GCV using its A$DC stablecoin to trade carbon credits on a public, permissionless blockchain.

According to the bank, settlement happened in near real-time using ANZ smart contracts. A$DC was backed by Australian CBDC.

Lorenz Grollo, CEO of Grollo Group, stated:

“Grollo Carbon Ventures was established to invest in innovative sustainability solutions, and this transaction has been an exciting research opportunity. As more organisations implement net-zero transition plans the demand for nature-based assets is expected to grow significantly.”

This was the first of three CBDC pilot use cases in Australia in which ANZ would take part. It will also be engaged in offline payments and pension fund transfers, which are among the 14 use case initiatives revealed by the Reserve Bank of Australia (RBA) in March. Apart from the three initiatives, ANZ will also be participating in the CBDC distribution.

ANZ has shown digital asset capacity, having completed a payment last year using the first-ever Australian bank-issued Australian-dollar stablecoin, A$DC.

A$DC debuted in March 2022 as the first stablecoin based on the Australian dollar. It was utilized in an ACCU transaction between the Victor Smorgon Group and Zerocap in June.

The AUDN was the second Australian bank-issued stablecoin, created exclusively for carbon credit trading by National Australia Bank. In March, that currency was utilized in the first cross-border stablecoin transaction.

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