Northern Trust plans to use its carbon credit platform in Australia’s Project Acacia tokenization trials. The bank wants to demonstrate the simultaneous settlement of the tokenized carbon credit transfer and payment using a conventional Australian bank account. To achieve this, it is collaborating with Swift for the simulation.
Project Acacia is an initiative aiming to explore tokenized assets and various types of tokenized money including wholesale CBDC, tokenized deposits and stablecoins. It’s run by the Reserve Bank of Australia in collaboration with the Digital Finance Cooperative Research Centre (DFCRC). Last week 24 use cases were selected for the project.
Northern Trust has developed its DLT-based Northern Trust Carbon Ecosystem, which it will use for the interoperability test.
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