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RBA pushes ahead with stablecoin and digital currency trials

As global stablecoin use soars, the Reserve Bank is launching new trials of fiat-backed crypto, blockchain and CBDCs in real-world financial applications.

Andrew Cornell
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The RBA is testing use cases for digital currencies in wholesale markets in Australia, including stablecoins and CBDCs. AAP Image/Joel Carrett/Bianca de Marchi.

The Reserve Bank of Australia (RBA) has selected 24 projects to test the next stage of a move towards digital currencies, including stablecoins and wholesale central bank digital currencies (wCBDCs).

Project Acacia, a joint initiative between the RBA and the Digital Finance Cooperative Research Centre (DFCRC), will run these projects. It aims to explore how innovations in digital money and existing settlement infrastructure might support the development of Australian wholesale tokenised asset markets.

The selected projects cover stablecoins — cryptocurrencies tied to fiat currencies — as well as deposit tokens, which are tokenised versions of bank deposits. They also include wCBDCs, which utilise distributed ledgers such as blockchain but may also use existing platforms to settle next-generation currencies.

RBA assistant governor (financial system) Brad Jones said Acacia represented an opportunity for the public and private sectors in Australia to collaboratively explore tokenised asset markets and the future of money.