Australia’s Big Crypto Test: CBDCs, Stablecoins and Tokenization Go Live

Last Updated on July 10, 2025

Adam Headshot
Written by
Reserve Bank of Australia name on black granite wall in Sydney Australia with lens flare. Source: eyeofpaul - stock.adobe.com

Key Takeaways:

  • Australia’s Project Acacia enters its second phase with a six-month trial of CBDCs, stablecoins, and tokenized assets across 24 financial use cases.
  • Major banks including CBA, ANZ, and Westpac are participating, exploring applications from repo markets to tokenized trade payables and real-time settlements.
  • Regulatory relief from ASIC enables testing outside existing legal frameworks as the government progresses on national crypto regulation.

Australia has launched the second phase of Project Acacia, a six-month trial exploring how central bank digital currencies (CBDCs), stablecoins, and tokenized assets can enhance wholesale financial markets

Spearheaded by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre, the initiative involves 24 use cases19 will feature real transactions, while five are theoretical simulations.

Major banks like Commonwealth Bank (CBA), ANZ, and Westpac are participating. 

CBA, in partnership with JPMorgan, is testing blockchain-based collateral tracking for the repo market

ANZ is piloting tokenized trade payables and fixed-income products using a wholesale CBDC to support real-time settlements.

The Australian Securities and Investments Commission (ASIC) is supporting the pilot with regulatory exemptions, enabling participants to test solutions outside the current legal framework

This aligns with broader national efforts to regulate digital assets, including proposals to bring crypto exchanges under existing financial laws.

Redbelly Network is also participating, aiming to tokenize construction invoices for faster payments to contractors. 

With backing from Sydney University, CSIRO, and other partners, the project underscores Australia’s commitment to digital finance innovation and regulatory modernizationResults are expected in early 2026.

About The Author

Adam Headshot
Written by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: