Australia Advances Digital Currency Trials with Major Banks and Regulators

Australia is accelerating its exploration of digital currencies through 'Project Acacia,' a landmark initiative led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). The project will test 24 real-world use cases for central bank digital currencies (CBDCs), stablecoins, and tokenized assets—19 of which involve live transactions, while five leverage simulated environments.

Three of Australia's 'Big Four' banks—Commonwealth Bank, ANZ, and Westpac—are participating alongside financial and technology firms. The trials include a world-first experiment settling wholesale CBDCs on third-party platforms. ASIC, the country's financial regulator, has joined as a partner, signaling institutional confidence in the initiative.