Key Takeaways
- Australia is pressing forward with the next phase of its CBDC testing, dubbed Project Acacia.
- The focus is on wholesale use cases and tokenized asset markets.
- The move comes as many other countries shift their attention away from CBDCs.
While much of the world seems to be cooling on central bank digital currencies (CBDCs), Australia is going the other way.
The Reserve Bank of Australia (RBA) has officially launched the next phase of its CBDC pilot, Project Acacia.
Project Acacia Reaches Key Milestone
Launched with the Digital Finance Cooperative Research Centre (DFCRC), Project Acacia is all about real-world testing.
The next phase will explore how a wholesale CBDC can be used in transactions involving tokenized assets and distributed ledger technologies (DLTs).
“Project Acacia represents an opportunity for further collaborative exploration on tokenized asset markets and the future of money by Australia’s public and private sectors,” said Brad Jones, Assistant Governor (Financial System) at the RBA.
The RBA and DFCRC plan to run pilot transactions using both real money and simulated assets across several DLT platforms, including Hedera, R3 Corda, Canvas Connect, and other EVM-compatible networks.
24 Use Cases, Dozens of Players
So far, 24 use cases have been selected for testing—19 of them involving real transactions, and 5 set up as proof-of-concept trials.
Participants range from fintech startups to major financial institutions. Some notable names include:
- Australian Bond Exchange
- New Zealand Banking Corporation
- Australian Payments Plus
- Canvas
- Catena Digital
The testing phase will run over the next six months, with final findings expected in early 2026.
As many central banks step back from CBDC development, Australia is carving out a unique path—quietly positioning itself at the forefront of wholesale digital currency and tokenized market infrastructure.
Whether it pays off remains to be seen, but all eyes will be on Acacia in the months ahead.
