The Reserve Bank of Australia (RBA) started its next step in testing digital money.
This is part of Project Acacia, a joint plan with the Digital Finance Cooperative Research Centre, announced in November 2023. The new trial will run for six months and focus on how digital currencies work in wholesale financial markets.
The trial includes stablecoins, bank deposit tokens, and a wholesale central bank digital currency (CBDC). It will test 24 use cases.
Nineteen will use real money. Five will run as simulations. The RBA said it will publish results in the first quarter of 2026.
The use cases span different markets, including fixed income, private assets, carbon credits, and trade receivables. It also includes tests on how banks can use digital money within their accounts at the RBA.
Stablecoin Pilot Australia Includes Major Banks
Three of Australia’s four largest banks will take part. These are Commonwealth Bank (CBA), ANZ, and Westpac. Each bank will test digital money in different areas.
CBA will work with JPMorgan to trial how digital currency and on-chain collateral can help the repo market. This market deals with short-term loans using government bonds.
“The repo market, with its critical role in liquidity management and monetary policy implementation, represents an ideal starting point for this exploration,”
said Sophie Gilder, managing director of blockchain and digital assets at CBA.
The banks will use platforms such as Hedera, Redbelly Network, R3 Corda, and Canvas Connect to run the tests.
ANZ Tokenized Payables and Fixed Income Trials
ANZ will lead a test for tokenized trade payables. This test focuses on how suppliers receive payment faster using blockchain. It may also help businesses manage cash flow better.
ANZ will also work on a fixed income test. The bank will use the wholesale CBDC as tokenized cash.
This cash will settle bond trades in real time. It allows both the asset and money to move together, reducing risk in transactions.
Westpac will also join both pilots. Together, these three banks will settle real transactions using the digital tools under the RBA’s review.
ASIC Crypto Relief Supports Digital Money Australia
The Australian Securities and Investments Commission (ASIC) has allowed participants to test assets that do not fall under current laws.
This special approval supports the Australia CBDC trial without breaching existing regulations.
“[We] see useful applications for the technologies underlying digital assets in wholesale markets,”
said Kate O’Rourke, ASIC Commissioner.
She added,
“The relief from regulatory requirements that we have announced today will allow these technologies to be sensibly tested—to explore opportunities and identify and tackle risks.”
This support from ASIC helps the RBA digital currency test move forward while keeping rules in place.
Australia Crypto Regulation Framework Still in Draft
The government, led by the Labor Party, proposed a crypto framework in March 2025. It aims to regulate exchanges using existing financial laws. This came after industry talks that started in August 2022.
At the same time, officials said they would work with the major banks to study de-banking practices. This refers to banks cutting ties with crypto firms. The RBA’s Project Acacia trials may provide data for this effort.
The final details of Australia crypto regulation remain in development. However, the current pilot with stablecoin tests and a wholesale CBDC could influence new rules in 2026.
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