Australia’s Reserve Bank Launches Six-Month Digital Currency Pilot

The Reserve Bank of Australia (RBA) has initiated a six-month trial to explore the potential of digital currencies in transforming the nation's financial landscape. Dubbed Project Acacia, the pilot's second phase focuses on wholesale applications, testing 24 scenarios involving stablecoins, bank-issued deposit tokens, and a central bank digital currency (CBDC).

Nineteen use cases will involve real financial transactions, while five will be simulated. The trial spans multiple sectors, including fixed income, private markets, carbon credits, and trade receivables, aiming to assess efficiency, security, and transparency gains from tokenization.

Major Australian banks—Commonwealth Bank (CBA), ANZ, and Westpac—are leading participants, each contributing expertise to specific use cases. The RBA collaborates with the Digital Finance Cooperative Research Centre (DFCRC), with final results expected by early 2026.