- Australia’s central bank launched Project Acacia with ASIC to pilot stablecoins, deposit tokens, and a CBDC in real wholesale markets and sandbox tests.
- The pilot involves 24 trials (19 live, 5 sandbox) with major banks like Commonwealth, ANZ, and Westpac, aiming to see if tokenisation cuts costs and middlemen.
- Tokenisation is booming, with RWAs on-chain topping $25B; it opens up markets like real estate and private equity to smaller investors through fractional ownership.
Australia’s central bank is putting tokenised finance to the test with Project Acacia, a wholesale pilot that drags stablecoins, bank deposit tokens, and a trial CBDC into real markets, under tight regulatory watch courtesy of the Australian Securities and Investments Commission (ASIC)
The Reserve Bank of Australia (RBA) confirmed this week it will run Acacia in partnership with the ASIC, allowing projects to stress-test tokenised transactions that would normally hit a lot of compliance roadblocks.
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At least 24 four separate trials are on deck, with 19 using actual money and five reserved for sandbox proofs. The objective is blunt: see if minting bonds and private equity on blockchains can trim costs, cut delays, and drain out layers of middlemen.
A lot of heavyweight banks are inside the pilot group, including the Commonwealth Bank, ANZ, and Westpac are all inside the pilot group, joined by local fintechs that want their piece of a future wholesale rails overhaul.
The Tokenisation of Traditional Markets
Tokenisation has become one of the hottest topics not just in crypto but in traditional finance as well. It has numerous proven advantages over legacy systems in several fields, including real estate, fine art, and private equity stakes. These are assets often reserved for wealthy investors, but tokenisation lowers the barriers for smaller investors by allowing fractional ownership of these assets.
This also provides liquidity into markets where practically none existed, like private shares, physical assets, and collectibles. Once tokenised, these can be traded freely, with 24/7 trading, and no lawyers or middlemen needed.
Data from RWA.xyz shows the total value of real-world assets (RWAs) on-chain surpasses US$25B (AU$37B). Tokenised US treasuries are the second largest niche with over US$7B in total value (AU$10.6B).
These and more factors are essentially what the RBA seeks from this potentially new, modernised wholesale framework.
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Aussie Blockchain RedBelly Network Tapped to Assist
As part of Project Acacia, the RBA has employed the services of Sydney-based blockchain project RedBelly Network. The Web3 platform, targeted at improving the accessibility of on-chain tokenisation, will assist participants by providing the infrastructure to support on-chain, AUD-based assets.
While the collaboration is purely test-based and has no commercial launch or regulatory endorsement, it is a nod to a home-grown blockchain project, demonstrating the continued evolution of Australia’s dedicated crypto industry.
The news jolted RedBelly Network’s native token over the past 24 hours, with RBNT now trading 30% higher since the announcement.
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