Westpac and Australia’s RBA Launch Chainlink-Based Tokenized Asset Settlement Project

Key Points

1. The project, named Project Acacia, uses Chainlink's Runtime Environment for secure Delivery vs. Payment (DvP) settlement of tokenized assets.

2. The initiative is part of the RBA’s six-month pilot program involving 24 industry participants conducting real-money transactions.

3. Westpac’s PayTo system, launched in 2024, will be extended to support tokenized asset transactions, enhancing payment security and efficiency.

4. The project explores advanced technologies like quantum cryptography for financial systems, aiming to create next-generation payment solutions.

5. Australia’s approach contrasts with restrictive stances of other major banks, as the project could unlock significant economic gains, estimated at AU$19 billion annually.