Reserve Bank of Australia (RBA) Will explore the development of wholesale tokenized asset markets together with a number of industrialists.
“Project Acacia” uses stableecoins, pilot wholesale central bank digital currency (CBDC) and bank payment tokens in 24 uses cases of tokenizing a number of asset classes, such as fixed income and private markets.
Tokenization refers to the process of minting assets such as bonds and shares such as tokens that can be purchased, sold and traded on blockchains with the aim of making processes faster, cheaper and more transparent.
The Australian Securities and Investment Commission (Asic) Also provides legislative relief to streamline the pilot, which will involve testing of tokenized asset transaction between participants and other selected financial institutions, announced RBA on Thursday.
Issuing Pilot Wholesale CBDC for testing of use cases takes place on various blockchain platforms, such as Hedera and R3 Corda.
Participants in Project Acacia include Fireblocks, Northern Trust and Australian Banks Commonwealth Bank, Australia and New Zealand Banking Corporation (Anz) and Westpac.
The project is a sign of the Australian government’s plans to integrate digital assets into its economy that is being used in practice.
The Australian Treasury published a whitepaper in March and described how the government planned to embrace tokenization, acts in the real world and wholesale CBDCs to make the financial markets more efficient.
