Reserve Bank of Australia Ramps Up Wholesale CBDC, Stablecoin Testing with Major Players

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Australia’s central bank is deepening its exploration of digital money, moving into live trials of wholesale CBDCs and stablecoins with industry partners.

Announced Thursday, Phase 2 of Project Acacia will see the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre test tokenized bank deposits, stablecoins, and a wholesale CBDC across multiple asset classes—including fixed income, carbon credits, and private markets.

A mix of fintechs and major banks will trial 24 use cases, with nearly 80% involving real-money transactions. The RBA expects findings by Q1 2026, potentially shaping future financial infrastructure.