Reserve Bank of Australia Launches ’Project Acacia’ to Pioneer Wholesale Tokenized Asset Markets

The Reserve Bank of Australia is spearheading a landmark initiative to develop wholesale tokenized asset markets, dubbed 'Project Acacia.' The pilot will leverage stablecoins, a wholesale central bank digital currency (CBDC), and bank deposit tokens across 24 use cases—spanning fixed income, private markets, and other asset classes.

Tokenization promises to revolutionize traditional finance by minting bonds, equities, and other assets as blockchain-based tokens. The process aims to enhance transactional speed, reduce costs, and improve transparency. Hedera and R3 Corda are among the blockchain platforms selected for testing.

Key participants include Fireblocks, Northern Trust, and Australian banking giants Commonwealth Bank, ANZ, and Westpac. Regulatory support from the Australian Securities and Investments Commission (ASIC) underscores the government's commitment to integrating digital assets into the economy.

The initiative follows the Australian Treasury's March whitepaper outlining a roadmap for tokenization adoption. Project Acacia marks a decisive step toward institutional blockchain adoption, positioning Australia at the forefront of digital asset innovation.