Australia to begin wholesale CBDC testing with major banks, fintechs in 6-month trial
2025-07-10 09:39:35
Main Idea
The Reserve Bank of Australia (RBA) has initiated a six-month wholesale CBDC trial under Project Acacia, involving major banks and fintechs to explore 24 use cases across various financial sectors.
Key Points
1. The trial includes participation from major banks such as Commonwealth Bank, ANZ, Westpac, and international players like JPMorgan, as well as domestic fintechs.
2. The wholesale CBDC will be tested on multiple blockchain platforms, including Hedera, Redbelly Network, R3 Corda, and Canvas Connect.
3. The trial aims to explore the role of CBDC in wholesale financial markets, tokenized asset activity, and reducing counterparty risk.
4. Expected to conclude by early 2026, the findings will be published in the first quarter, shaping the RBA's future CBDC strategy.
5. The project is a collaboration between the RBA and the Digital Finance Cooperative Research Centre, with support from ASIC, APRA, and the Treasury.
Description
Australia will begin testing its central bank digital currency as part of a six-month trial under Project Acacia, exploring its role in wholesale financial markets. Per a July 10 statement from the Reserve Bank of Australia (RBA), the trial would involve a range of participants from across the financial ecosystem, including three of the country’s four largest banks, Commonwealth Bank, ANZ, and Westpac, as well as international players such as JPMorgan and domestic fintechs. In total, 24 use case...
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