Australia is actively exploring the realm of digital currencies and tokenized assets through an initiative known as Project Acacia. The Reserve Bank of Australia (RBA) is launching a trial in partnership with the Digital Finance Cooperative Research Centre (DFCRC) to evaluate central bank digital currencies (CBDCs), stablecoins, and other tokenized financial instruments.

This trial will assess 24 different use cases, with 19 involving real money transactions and five functioning as proofs-of-concept using simulated transactions. Notably, three of the four largest banks in Australia—Commonwealth Bank, Australia and New Zealand Banking Group (ANZ), and Westpac—are engaged in this project alongside various financial and technology organizations.

“The real money settlement models being investigated, which includes issuing pilot wholesale CBDCs on third-party platforms, represent another first for Australia in this quickly evolving area,” said Talis Putnins, Chief Scientist at the DFCRC.

On July 10, 2025, the RBA announced that Project Acacia had successfully reached a significant milestone, having selected various industry participants to explore how advancements in digital currency and existing settlement infrastructure could bolster Australia’s wholesale tokenized asset markets.

Brad Jones, Assistant Governor at the RBA, mentioned, “It is a strategic priority for the RBA and the Payments System Board to ensure that Australia’s financial and monetary structures are suitable for the digital age.”

In addition, ASIC Commissioner Kate O’Rourke stated, “ASIC recognizes potential uses for the technologies behind digital assets in wholesale markets, and the regulatory relief announced today will enable us to rigorously test these technologies—to uncover opportunities and address risks.”