Tokenization · Federal Reserve (FED) · CryptoSlate
Australia’s Project Acacia catches why tokenized markets still hinge on settlement money
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Project Acacia has now tested how tokenized asset markets could settle in Australia.
Key facts
- The Reserve Bank of Australia and Digital Finance Cooperative Research Centre released findings from Project Acacia, a wholesale experiment that moved digital money and tokenization from policy
- Separately, ASIC’s 2025 stablecoin relief for distributors of an Australian stablecoin shows that stablecoin issuance, distribution, and related intermediary services remain tied to a licensing
- RBA Assistant Governor Brad Jones gave the key nuance in a March speech: wholesale CBDC could be helpful, but it was far from essential for tokenized markets
- Project Acacia has now tested how tokenized asset markets could settle in Australia
Summary
01 Australia’s Project Acacia tested four settlement money options across 20 wholesale tokenized asset use cases. 02 The findings show tokenized markets hinge on the cash leg, because settlement form affects finality, liquidity, and risk. 03 But interoperability, access rules, and legal certainty still decide whether these pilots become production infrastructure. The Reserve Bank of Australia and Digital Finance Cooperative Research Centre released findings from Project Acacia, a wholesale experiment that moved digital money and tokenization from policy theory into market plumbing.