Australia Reveals Strategy To Evaluate CBDCs, Stablecoins, Tokenized Assets

Australia is thoroughly investigating digital currencies and tokenized assets. The Reserve Bank of Australia (RBA) is preparing to initiate an extensive trial, in collaboration with the Digital Finance Cooperative Research Centre (DFCRC). The nation introduced the subsequent phase of ‘Project Acacia’ – a program aimed at evaluating the practical implementation of central bank digital currencies (CBDCs), stablecoins, and tokenized assets.

The trial will assess 24 unique use cases. Of these, 19 will involve transactions with actual funds. Five will serve as proofs-of-concept utilizing simulated transactions. Notably, three of Australia’s four major banks – Commonwealth Bank (CBA), Australia and New Zealand Banking Group (ANZ), and Westpac – are actively engaging. Additional financial and technological entities are also involved.

“The real money settlement models being evaluated, including the issuance of pilot wholesale CBDC on third-party platforms, underscore yet another world-first for Australia in this swiftly advancing domain,” remarked Talis Putnins, Chief Scientist at the DFCRC.

Australia
ASIC (FS regulator) has collaborated on Project Acacia, which is the Reserve Bank of Australia’s (RBA’s) & Digital Finance Cooperative Research Centre’s (DFCRC’s) tokenised asset settlement initiative, encompassing 20 experiments related to digital asset use cases.
The regulator will support… pic.twitter.com/QE3YPH1uld

— Crypto NG (@NG_crypto_trend) July 10, 2025

On July 10, 2025, the RBA announced in a press release, “Project Acacia has today achieved a notable milestone with several industry players chosen to investigate how advancements in digital currency and current settlement frameworks could facilitate the growth of Australian wholesale tokenized asset markets.”

Brad Jones, Assistant Governor at the RBA, stated, “Ensuring that Australia’s payment and monetary systems are appropriately adapted to the digital era is a key priority for the RBA and the Payments System Board.”

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Further Insights on Project Acacia

Project Acacia is a managed, extensive pilot including a varied array of participants. It features local fintech enterprises, leading Australian banks, and international financial organizations.

“Project Acacia presents an opportunity for more collaborative examination of tokenized asset markets and the future of currency by both public and private sectors in Australia,” remarked Jones. “The selected use cases for this project will provide us with a deeper understanding of how innovations in central bank and private digital currencies, along with payment systems, might enhance the operation of wholesale finance markets in Australia.”

Suggested settlement assets for the use cases encompass stablecoins, bank deposit tokens, and pilot wholesale CBDCs. Additionally, they include new approaches for utilizing banks’ current trading protocol settlement accounts at the RBA.

Moreover, the Australian Securities and Investments Commission (ASIC) Commissioner Kate O’Rourke shared her thoughts. She mentioned, “ASIC perceives beneficial applications for the technologies underlying digital assets in wholesale markets. The easing of regulatory obligations we have introduced today will enable these technologies to be prudently tested—to discover opportunities while identifying and addressing risks.”

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Australia Proposes New Crypto Compliance Framework

The Labor-led government of Australia has revealed a fresh regulatory framework. It is intended to encompass crypto exchanges and related services under the nation’s existing financial services regulations.

On 21 March 2025, the announcement was made by the Treasury Department. This marks a crucial advance toward formalizing the oversight of the digital asset sector. 

According to the proposal, crypto exchanges, custodians, and selected brokerage firms engaged in trading or safeguarding digital assets will need to secure an Australian Financial Services Licence. They will also need to adhere to capital constraints and customer asset protection regulations.

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