Australia And New Zealand Banking Group (ANZ) Has Showcased How Suitable Avalanche Is In Tokenization And Settlement

Australia and New Zealand (ANZ) Banking Group, in collaboration with Chainlink, has unveiled the results of an initiative aimed at bridging the gap between Avalanche and Ethereum for global asset settlement. In a recent announcement published on X, ANZ and Chainlink showcased the results of their collaboration, which focused on using the Cross-Chain Interoperability Protocol (CCIP) to facilitate settlement of tokenized assets across disparate blockchain networks.

The joint effort between the banking group and Chainlink aims to demonstrate the ability to access, trade and settle tokenized assets across multiple networks and currencies using delivery versus payment (DvP). This settlement method, typical of traditional trading systems, has been replicated on-chain to illustrate the potential of blockchain technology to upgrade outdated infrastructure.

When the process was exposed to the testnet, two important results emerged. Initially, ANZ customers used the bank’s Digital Asset Services platform to purchase the tokenized New Zealand Dollar (NZ$DC) stablecoin issued by ANZ on Avalanche. Clients then received tokenized assets representing Australia’s natural resources, which were issued as non-fungible tokens (NFTs) and valued in a tokenized Australian Dollar stablecoin (A$DC) issued by ANZ, all on the Ethereum network.

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