Key Points:
- RBA begins 24 CBDC trials with top banks to explore tokenized wholesale financial markets.
- ASIC offers regulatory relief as Australia tests stablecoins, CBDCs, and deposit tokens in real-world pilots.
- Project Acacia includes major banks like ANZ and Westpac to test digital asset settlement models.
The Reserve Bank of Australia (RBA) announced that Project Acacia is entering a new stage to test how central bank digital currencies (CBDCs) and crypto assets could improve wholesale financial markets. A total of 24 use cases will be trialed, involving major banks and fintech firms.
Meanwhile, the pilot aims to evaluate the role of tokenized assets and settlement systems using stablecoins, bank-issued deposit tokens, and a pilot wholesale CBDC. These tests will also assess how the RBA’s existing exchange settlement accounts could be applied to token-based systems.
Joint Effort With Regulatory and Research Bodies
Project Acacia is run in partnership with the Digital Finance Cooperative Research Centre and receives support from the Australian Securities and Investments Commission (ASIC). ASIC confirmed that regulatory relief will be granted to pilot participants, allowing them to test asset settlement processes under real-world conditions.
“Project Acacia represents an opportunity for further collaborative exploration on tokenized asset markets and the future of money by the public and private sectors in Australia,” said Brad Jones, assistant governor (Financial System) at the RBA.
In addition, participants in the upcoming stage include some of Australia’s largest financial institutions. These include the Commonwealth Bank of Australia, Westpac Banking Corporation, and the Australia and New Zealand Banking Group (ANZ). Their involvement is expected to help assess how traditional banking systems can adapt to digital settlement models.
Use cases will cover a wide range of applications, including asset tokenization, interbank settlement, and cross-platform payments. The focus remains on testing operational readiness and interoperability across various forms of digital money.
Australia’s Digital Asset Strategy Gains Momentum
The Australian government continues to explore the integration of digital assets into the broader financial system. In March 2025, the Treasury released plans to develop a “fit-for-purpose” framework for digital assets. Project Acacia was identified as a key initiative within that strategy.
The RBA noted that insights from the current phase will help shape future policy decisions and guide the potential role of CBDCs in wholesale finance.
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Source: https://coincu.com/347854-rba-expands-cbdc-tests-with-24-new-use-cases/