ANZ, one of Australia’s “Big Four” banks, has successfully conducted a transaction involving tokenized assets by utilizing its A$DC stablecoin and Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This achievement underscores the bank’s ability to transfer funds across both open and private blockchain networks, contributing to ongoing experiments aimed at testing the efficiency and security of real-world asset deployment on blockchain platforms.
The announcement, made on the social platform X (formerly Twitter), highlights ANZ’s commitment to building on insights gained from the Swift blockchain interoperability initiative, initiated in June. This joint venture, involving major global banks and the Society for Worldwide Interbank Financial Telecommunication (SWIFT), seeks to explore the boundaries of blockchain interoperability.
The primary objective of the Swift initiative is to create a centralized gateway that offers major financial institutions access to various blockchain networks, streamlining the process and reducing operational complexities associated with connecting the global financial system. Participating banks include BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and The Depository Trust and Clearing Corporation (DTCC), in addition to ANZ (Australia and New Zealand Banking Group).
Chainlink plays a pivotal role in evaluating the compatibility of traditional banks and the cryptocurrency sector, addressing common concerns related to retail central bank digital currencies (CBDCs). Chainlink’s product serves as a universal messaging interface, facilitating communication across different blockchain networks through its Oracle network.
The CCIP functions through two distinct Oracle networks. One network handles message transmission and value transfers, while the other oversees these transactions to ensure they meet safety standards, as previously explained by Blockworks.
Nigel Dobson, ANZ’s Banking Services Portfolio Lead, expressed the value of ANZ’s work with its A$DC stablecoin and real-world asset tokenization, stating that it has provided valuable insights for investigating enterprise-grade use cases. He anticipates that the ongoing adoption of digital assets will lead to a proliferation of various assets across multiple blockchain networks.
