Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
- Chainlink and ANZ Bank participated in testing the interoperability protocol institutionally.
- The experiment included cross-chain purchase of tokenized real-world assets using AUD-backed stablecoins.
- The founder of Chainlink stated they intend to use CCIP to create an Internet of Contracts unifying various blockchain technologies.
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Chainlink and ANZ experiment successful
Chainlink published an industry case study this week that highlighted its most recent experiment with the Australia and New Zealand Banking Group Limited (ANZ). The experiment was conducted to test the Cross-Chain Settlement of Tokenized Assets Using Chainlink Cross-Chain Interoperability Protocol (CCIP).
The experiment bore successful results during which ANZ engaged in a couple of tests, including:-
- Issuance of the first commercial bank-issued AUD-referenced stablecoin on a public permissionless blockchain, referred to as A$DC.
- ANZ tokenized Australian Carbon Credit Units (ACCUs) on a public blockchain mainnet with Grollo Carbon Ventures (GCV).
Tokenized assets are basically real-world assets (RWA) that have a representation in the real world, usually referring to a tangible or intangible asset. The ownership of such assets, which can include stocks, bonds, precious metals, real estate, etc., is transformed into digital tokens, which can then be easily moved across the globe via blockchains.
Chainlink’s founder, Sergey Nazarov, further stated that he expects to use the cross-chain interoperability protocol to unify various blockchain technologies around the world. Comparing it to TCP/IP, which unified internet technologies, CCIP will be used to establish a universal interoperability standard.
Thus, through CCIP, Chainlink intends to create one global Internet of Contracts that will enable the world’s largest liquidity layer across various geographies and markets.
If the project emerges successful in creating such a chain, the transfer of ownership of RWA would become an operation that can be completed in mere seconds as it would eliminate the hassle faced by banks and other intermediaries at the moment.
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Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
