RBA Launches Project Acacia to Advance Tokenized Asset Markets with CBDCs and Stablecoins

The Reserve Bank of Australia (RBA) has launched “Project Acacia,” a collaborative initiative to explore wholesale tokenized asset markets using stablecoins, central bank digital currencies (CBDCs), and deposit tokens. The pilot will test 24 real-world use cases, ranging from tokenized fixed income instruments to private market assets.

Tokenization enables the conversion of traditional financial assets like bonds and equities into blockchain-based tokens, aiming to improve efficiency, reduce costs, and enhance transparency in trading and settlement processes. Project Acacia represents a major step toward integrating blockchain into Australia's financial infrastructure.

The Australian Securities and Investments Commission (ASIC) is also supporting the initiative by offering regulatory relief to facilitate real-world testing. Issuance of the pilot wholesale CBDC will take place across multiple blockchain platforms, including Hedera and R3 Corda.

Key participants include global digital asset firms like Fireblocks and Northern Trust, along with Australia’s leading banks—Commonwealth Bank, ANZ, and Westpac. These institutions will engage in transactions involving tokenized assets, experimenting with new methods of issuance, transfer, and settlement.

The Australian Treasury has already outlined its digital asset strategy in a whitepaper released in March 2025, emphasizing tokenization, real-world asset integration, and the potential for wholesale CBDCs to enhance market efficiency. Project Acacia signals the transition of these policy goals into tangible market pilots.

As the global race to modernize financial systems intensifies, Australia's embrace of blockchain and tokenized finance could position it as a regional leader in digital financial innovation.