Smorgon family buy Australian carbon credits using ANZ stablecoin

  • By Zilla Efrat

ANZ is claiming a new milestone after its customer, the Victor Smorgon Group, bought tokenised Australian carbon credits (BCAU) using the ANZ-issued stablecoin, A$DC.

According to ANZ, this transaction is an important step for the bank as it explores the greater circulation of the stablecoin.

In this transaction, Victor Smorgon Group, a family office based in Melbourne, used A$DC as a medium of exchange to purchase the BCAU carbon tokens from Zerocap, an Australian crypto asset investment platform in which Victor Smorgon Group owns a stake.

Zerocap sourced the BCAU from BetaCarbon, which tokenises Australian Carbon Credit Units (ACCUs) into digital tokens, with each representing 1kg of carbon captured.

The transaction provided A$DC/BCAU liquidity while offering both Victor Smorgon Group and Zerocap redemption rights for A$DC.

In March, ANZ successfully executed the first Australian-bank issued Australian-dollar stablecoin payment through a public permissionless blockchain transaction.

A$DC remains fully collateralised by the Australian dollar and is redeemable at par with funds held in an ANZ-managed reserve account.

“This milestone transaction brings together two key focus areas for ANZ, sustainability and digital assets,” says ANZ banking services lead Nigel Dobson.

“We’re seeing increasing customer appetite to use A$DC to enter the digital economy and will continue to partner with our clients to explore how this technology can help them achieve their goals.”

“BetaCarbon provides the easiest and most competitive access to participate in the Australian carbon market via blockchain,” adds BetaCarbon CEO and founder Guy Dickinson. “This is core to BetaCarbon’s mission to accelerate the race to net-zero and revolutionise how we all interact with carbon markets for investors, businesses and consumers.”