Project Overview: Project Acacia – Australia’s Tokenised Finance Trial

Australia’s financial sector is testing digital money at scale. The Reserve Bank of Australia, in partnership with ASIC and major banks, has launched Project Acacia – 24 pilot trials exploring tokenised assets, stablecoins, and central bank digital currency (CBDC). These tests aim to modernise wholesale payments and settlements, boosting efficiency and reducing costs in institutional finance.

‍

Key Points

• Project Acacia is led by the Reserve Bank of Australia and ASIC, with 24 pilot trials (19 live, 5 sandbox).
  ‍
• Project Acacia is a national-scale test bed for what the future of money could look like.
  ‍
• Commonwealth Bank, ANZ, and Westpac are testing digital asset use in real-world finance.
  ‍
• Regulatory waivers allow testing of systems outside current financial laws.
  ‍
• RedBelly Network is providing blockchain infrastructure for on-chain AUD-based assets.

‍

Project Significance

Project Acacia marks one of Australia’s boldest pushes into tokenised finance, potentially reshaping wholesale markets. It aims to streamline transaction processes, eliminate middlemen, and explore how digital currencies could replace or complement traditional systems. With over $25 billion in real-world assets already tokenised globally, the project could position Australia as a leader in financial innovation.

‍

Further Details: Digital Currency Meets Institutional Finance in RBA’s Ambitious Pilot

Project Acacia is testing how tokenised financial assets (like stablecoins, bank-issued deposit tokens, and wholesale CBDC) can operate in Australia’s real financial systems. The RBA has teamed up with ASIC, APRA, and Treasury, alongside major banks and fintechs, to test digital settlement for assets such as bonds, carbon credits, and trade receivables.

The trials let firms bypass certain regulations in a controlled environment, with insights expected to inform future policy. Commonwealth Bank is exploring how tokenised assets could improve the repo market with JPMorgan and ASX. Westpac is running payment trials using crypto-based assets via its banking app, and ANZ is examining bond trades using CBDC.

Sydney-based RedBelly Network will power blockchain transactions, offering infrastructure for tokenised assets pegged to the Australian dollar. Though purely experimental, this effort underscores growing confidence in blockchain’s role in institutional finance.

As tokenisation grows – surpassing US$25B in on-chain real-world assets – Project Acacia is a national-scale test bed for what the future of money could look like.