Australia Tests CBDCs in 24 Separate Real-World Finance Use Cases

Australia is stepping up its digital currency efforts with the next phase of Project Acacia, a pilot focused on testing central bank digital currency (CBDC) and tokenized finance in real-world applications.

The Reserve Bank of Australia (RBA) now aims to evaluate how these technologies could modernize institutional markets.

Major banks join live asset tokenization experiments

Under the latest stage, Project Acacia will examine 24 separate use cases across the financial system. Australia’s largest banks—Commonwealth Bank, ANZ, and Westpac—are actively participating. Fintech firms and blockchain innovators have also joined to test settlement systems that blend CBDCs, stablecoins, and tokenized deposits.

The trials target applications across repo trading, tokenized credit, carbon markets, and government bonds. Each test will help identify whether digital assets can improve liquidity, speed, and transparency in financial markets.

The RBA partnered with the Digital Finance Cooperative Research Centre (DFCRC) to lead the effort. Regulators, including ASIC, are providing exemptions to allow sandbox-style testing within the legal system.

RBA says tokenized money may boost efficiency

Brad Jones, RBA’s Deputy Governor for Financial System, described the program as a rare chance for private and public sectors to co-develop financial innovation. “We’re testing how CBDCs and tokenized assets work alongside current systems,” Jones said. “It’s about building a more efficient financial infrastructure.”

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As part of its broader digital asset agenda, the Australian government included Project Acacia in its March strategy paper. The goal: craft regulations that match the pace of blockchain technology.

Final results due early 2026

The current testing period runs for six months and will conclude with a final report. Findings could shape the future of Australian finance and guide how CBDCs interact with traditional banking. Policymakers expect the data will inform legislation and future CBDC design choices.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.