The post Australia bank joins Project Guardian to unlock cross-blockchain stablecoin transfers appeared on BitcoinEthereumNews.com.

Australia’s ANZ has joined the Monetary Authority of Singapore’s (MAS) Project Guardian to explore real-world asset (RWA) tokenization in financial markets. The decision comes after insights from the Swift blockchain interoperability project, which started in June. According to a statement released on Sept. 30, ANZ aims to test how RWAs, such as commercial papers, can function across different blockchains in collaboration 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 unwavering commitment to digitize the financial system through industry collaboration. We’re pleased to join Project Guardian and play a role in fast-tracking the development of a stable, secure digital asset ecosystem which will be essential to meeting the future needs of our customers across the region. ~Mark Evans ANZ utilizes Chainlink’s CCIP in Project Guardian to improve cross-blockchain mobility Project Guardian, launched about two years ago by the Monetary Authority of Singapore, is a joint effort between policymakers and the financial sector aimed at improving liquidity and financial market efficiency through RWA tokenization. Nigel Dobson, ANZ’s banking services lead, emphasized the bank’s interest in enhancing 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 allows RWAs to move between blockchains more freely, according to Chainlink’s community liaison, Zach Rynes. Dobson pointed out that the 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 trial initiatives have previously featured DBS Bank, SBI Digital Asset Holdings,…

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Filed under: News - @ October 1, 2024 1:59 am