The Reserve Bank of Australia is promoting the Project Acacia initiative, testing the settlement of CBDC with tokenized assets.

According to Deep Tide TechFlow news on July 10, The Block reported that the Reserve Bank of Australia (RBA) announced on Thursday that its key project "Project Acacia" is entering the next phase of testing, which will explore how encryption assets and Central Bank Digital Currency (CBDC) can support the development of the country's wholesale tokenization asset market.

The project plans to test 24 use cases in the next phase, with participants including fintech companies and major banks such as the Commonwealth Bank of Australia, ANZ Bank, and Westpac Bank. The tests will cover a variety of settlement assets, including stablecoins, bank deposit tokens, and pilot wholesale CBDC.

The Australian Securities and Investments Commission ( ASIC ) has indicated that it will provide regulatory flexibility for project participants to test tokenization of asset trading. This project is a joint initiative between the Central Bank of Australia and the Digital Finance Cooperative Research Centre, and it is an important part of the Australian government's "fit-for-purpose" digital asset framework.