The bank, which backs a stablecoin called $ADC linked to the Australian dollar, is eager to see how it can move this stablecoin between different blockchains.
To do this, ANZ will partner with Chainlink Labs, a company that helps connect blockchains, and Singapore’s investment firm ADDX. Let’s discover more about Project Guardian.
ANZ Bank Aims to Enhance Blockchain Interoperability
ANZ announced on September 30th, saying it wants to learn how RWAs like commercial papers can work smoothly across blockchains. Commercial papers are short-term loans that companies use to cover their day-to-day expenses, and tokenizing them can make financial markets more efficient.
Project Guardian was launched in 2022 by Singapore’s Monetary Authority. It’s a project aimed at improving how financial markets operate by using tokenization. Tokenization is a way to turn real-world assets, like real estate or bonds, into digital tokens that can be traded on blockchain networks. This could make trading faster and easier.
.@ChainlinkLabs is officially partnering with ANZ—a leading Australian bank with over A$1 trillion in AUM—in the Monetary Authority of Singapore’s Project Guardian.#Chainlink CCIP will help enable the secure cross-chain exchange of tokenized RWAs. https://t.co/nlXJPJKjDv
— Chainlink (@chainlink) September 30, 2024
Also, Nigel Dobson, ANZ’s banking services lead, said the bank is excited to see how its A$DC stablecoin can move between blockchains. Currently, there’s a big roadblock: different blockchains don’t always “talk” to each other well. This makes moving assets between them tricky, which slows down the process.
So, that’s where Chainlink comes in. Chainlink is a company that connects different blockchains, making it possible for assets to move from one blockchain to another. Chainlink’s community liaison, Zach Rynes, explained that ANZ will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to solve this issue. This tool allows assets to move smoothly between blockchains.
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