Australia’s ANZ has joined the Monetary Authority of Singapore (MAS). Project monitor to explore real-world asset (RWA) tokenization in financial markets. The decision comes after insights from the Swift blockchain interoperability project, which launched in June.
According to a September 30 statement, ANZ plans to test how RWAs, such as commercial papers, can function on different blockchains, in partnership with blockchain oracle provider Chainlink Labs and Singapore-based investment firm ADDX.
ANZ Singapore Country Head, Mark Evans, commented on the new partnership, saying:
MAS is a global leader in its continued commitment to digitize the financial system through industry collaboration. We are pleased to join Project Guardian and play a role in accelerating the development of a stable, secure digital asset ecosystem that will be essential to meeting the future needs of our customers across the region.
~Mark Evans
ANZ leverages Chainlink’s CCIP in Project Guardian to improve cross-blockchain mobility
Launched about two years ago by the Monetary Authority of Singapore, Project Guardian is a joint effort between policymakers and the financial industry aimed at improving the liquidity and efficiency of the financial market through RWA tokenization.
Nigel Dobson, ANZ’s head of banking services, highlighted the bank’s importance in improving the mobility of its Australian dollar-backed A$DC stablecoin across blockchains. To achieve this, ANZ will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which will allow RWAs to move more freely between blockchains, according to Chainlink’s community liaison, Zach Rynes.
Dobson pointed out that tokenized asset markets are currently “highly fragmented,” hindering the seamless transfer of RWAs between blockchains and complicating integration for financial institutions. Using an interoperability protocol like Chainlink’s CCIP could help solve this challenge.
ANZ will receive local support from Project Guardian as the bank maintains a presence in Singapore. Project Guardian’s pilot initiatives have previously included DBS Bank, SBI Digital Asset Holdings, WisdomTree and S&P Global, Deutsche Bank and JPMorgan’s blockchain platform Onyx.
The International Monetary Fund, along with governments from the United Kingdom, Japan, Singapore, Switzerland and France, form Project Guardian’s policy group.
ANZ and Chainlink Labs streamline the transfer of tokenized assets between Avalanche and Ethereum
ANZ and Chainlink Labs recently unveiled the results of a close collaboration that connected blockchains for the international transfer and settlement of tokenized assets, specifically Avalanche and Ethereum.
ANZ provides banking services and products to more than 8.5 million retail and institutional customers in more than 30 locations. To explore the potential of on-chain digital assets, ANZ used Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a blockchain interoperability solution, to demonstrate how customers could easily access, trade and settle tokenized assets across networks in different currencies – a process known as Delivery versus Payment (DvP).
ANZ used its own resources Avalanche evergreen Subnet for this initiative. This is partly due to EVM compatibility, permissions and custom gas token.
Credit : cryptonews.net
