ANZ Bank has explored how its stablecoins might seamlessly navigate between different chains using Chainlink CCIP to streamline the purchase of eco-friendly assets.
As revealed in a case study published by Chainlink Labs, the provider of a leading decentralized oracle network, the firm has collaborated with Australia and New Zealand Banking Group (ANZ) to test cross-chain settlement of tokenized assets using Chainlink CCIP – a blockchain interoperability standard.
Within the experiment, ANZ and Chainlink aimed to demonstrate cross-chain tokenized asset settlement workflows across different use cases. The use case described in the published paper demonstrates how ANZ enabled clients to engage in cross-chain stablecoin transfers in a testnet environment using an external web application.
ANZ has previously developed two kinds of stablecoins:
AUD-referenced stablecoin on a public permissionless blockchain, referred to as A$DC;
tokenized Australian Carbon Credit Units (ACCUs) on a public blockchain mainnet with Grollo Carbon Ventures (GCV).
The tokenized nature-based asset purchases across two different blockchains for the given exploration were enabled by the ANZ Bank App via CCIP. ANZ clients could buy tokenized nature-based assets denominated in a specific stablecoin on one blockchain with a different stablecoin issued on another blockchain. Case study transactions occurred in a testnet environment with simulated forms of the relevant tokenized assets and stablecoins.
Some of the initial client services built by ANZ with CCIP utilized as backend infrastructure include:
- Digital Asset Services (DAS) Portal – a trading platform for clients that leverages services by Fireblocks, enriched with DAS microservices and APIs;
- DAS Tokenization Engine that allows clients to tokenize assets using the ERC-1155 multi-token standard;
- DAS Services and APIs: backend services that provide key information under the bank’s control and allow third-party apps to retrieve information as required;
- DAS API Gateway: a way for external apps to connect to the ANZ services and orchestrate digital assets under the bank’s control.
The two parties are optimistic about the use of CCIP, acknowledging that “a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.”
The bilateral collaboration between Chainlink and ANZ is a logical continuation of the joint proof-of-concept (PoC) project involving Swift and more than a dozen major financial institutions, such as ANZ, BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, and Lloyds Banking Group.
The PoC aimed to allow traditional finance firms to transact both digital and traditional assets across blockchain networks. Utilizing Chainlink’s cross-chain interoperability protocol (CCIP), it demonstrated how SWIFT messages can instruct token transfers across nearly every blockchain network.
CCIP is one of the most prominent blockchain interoperability solutions on the market, that can potentially enable the creation of a unified blockchain ecosystem where different networks can seamlessly interact.