Advancing with Central Bank Digital Currency and Stablecoin Trials, Australia Takes a Step Forward in Cryptocurrency Exploration
RBA Launches New Phase of Testing for CBDCs and Stablecoins
The Reserve Bank of Australia (RBA) has initiated a new phase of testing for central bank digital currencies (CBDCs) and stablecoins, as reported by Reuters. This testing is part of a collaboration with the Digital Finance Cooperative Research Centre and is scheduled to take place over six months.
The testing, known as Project Acacia, will involve a total of 24 unique scenarios. A significant portion of these scenarios (19 out of 24) will involve the use of real money. The testing is aimed at exploring the potential of CBDCs and stablecoins in wholesale financial markets.
The tests will focus on a diverse range of scenarios, totaling 24 in number. Five of these scenarios are experimental, serving as proof-of-concept tests. The remaining 19 scenarios are more practical, involving real money. Five use cases are simulated proof-of-concept tests.
The testing will examine new uses for RBA bank accounts and various asset classes, including fixed income, private markets, trade receivables, and carbon credits. The trial includes bank deposit tokens, stablecoins, and a pilot wholesale CBDC.
It's important to note that the names of the participating banks in the 24 test cases of the RBA under Project Acacia have not been publicly disclosed.
The testing is expected to conclude with the availability of results in early 2026. The results of the testing are expected to provide valuable insights into the potential uses and implications of CBDCs and stablecoins in the Australian financial market.
This new phase of testing is a significant step forward in the RBA's exploration of CBDCs and stablecoins. The bank has been investigating the potential benefits and challenges of these digital currencies for several years, and this testing represents a concrete step towards understanding their role in the future of Australian finance.
