ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical 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 mint its own stablecoin after overseeing a pilot transaction worth 30 million AUD ($20.76 million) between Victor Smorgon Group and digital asset manager Zerocap.

ANZ’s stablecoin is fully collateralized by Australian dollars (AUD) held in the bank's managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain.

According to a June 27 report from the Australian Financial Review (AFR), the latest transaction saw its long-time institutional partner Victor Smorgon use A$DC to purchase Australian Carbon Credit Units (ACCUs).

The carbon credits were tokenized and provided by BetaCarbon, a blockchain-based carbon trading platform that issues digital security assets dubbed “BCAUs,” which represent one kilogram of carbon offsets per credit.

The transaction also saw participation from Zerocap again, who provided market-making services and liquidity by exchanging the A$DC sent from Victor Smorgon into USD Coin (USDC) so that BetaCarbon could accept the deal. The value of the transaction has not been specified, however.

In terms of the bank’s outlook on the crypto/blockchain sector, ANZ’s banking services portfolio lead Nigel Dobson told the AFR that the firm is looking at blockchain tech as a means of “pursuing the transition of financial market infrastructure” and is not necessarily interested in speculative crypto assets themselves.

Dobson echoed similar sentiments at the Chainalysis Links event in Sydney on June 21, noting that ANZ