Australia’s Central Bank Progresses Project Acacia Testing for CBDC Asset Settlement

2025/07/10 19:16

Australia’s Reserve Bank announced on Thursday the selection of 24 industry participants for the next phase of its wholesale central bank digital currency (CBDC) testing initiative.

The six-month pilot will conduct 19 real-money transactions and five proof-of-concept simulations across multiple asset classes, including fixed income, private markets, trade receivables, and carbon credits.

Settlement will occur through various digital assets, including stablecoins, bank deposit tokens, and pilot wholesale CBDCs deployed on platforms such as Hedera, Redbelly Network, R3 Corda, and Canvas Connect.

The Australian Securities and Investments Commission has granted regulatory relief to facilitate the testing, and project findings are expected in the first quarter of 2026.

Australia's Central Bank Progresses Project Acacia Testing for CBDC Asset SettlementSource: Bloomberg

ASIC Enables Real-Money CBDC Testing Through Regulatory Relief

The regulatory relief allows participants to conduct tokenized asset transactions using CBDCs between financial institutions without standard licensing requirements during the pilot period.

ASIC Commissioner Kate O’Rourke noted that the relief instrument will enable wholesale market testing of technologies that could potentially boost efficiency and foster economic growth.

Selected participants include major Australian banks such as Commonwealth Bank, ANZ, and Westpac, alongside specialized firms like Australian Bond Exchange, Fireblocks, and Zerocap.

Brad Jones, Assistant Governor for Financial System at the RBA, emphasized the strategic importance of ensuring Australia’s monetary arrangements remain fit for purpose in the digital age.

Jones described Project Acacia as “an opportunity for further collaborative exploration on tokenized asset markets and the future of money by the public and private sectors in Australia,” with use cases designed to help the RBA better understand innovations in both central bank and private digital money.

Professor Talis Putnins from the Digital Finance Cooperative Research Centre also highlighted the potential economic impact.

He referenced recent research suggesting potential economic gains in markets and cross-border payments could reach AU$19 billion annually.

Australia Pursues Wholesale CBDC Strategy Amid Global Digital Currency Race

Project Acacia builds on Australia’s September 2024 decision to prioritize wholesale CBDC development over retail applications due to greater economic benefits.

The initiative aligns with global trends, as 134 countries representing 98% of the global economy are exploring CBDCs, according to research by the Atlantic Council.

The competitive pressure is particularly evident in the Asia-Pacific region, where China’s digital yuan transactions reached $986 billion by June 2024 across 17 regions and 44 countries currently running CBDC pilot programs of varying scales and ambitions.

Cross-border wholesale CBDC projects have more than doubled globally, with initiatives like Project mBridge connecting financial institutions across multiple jurisdictions.

Australia’s comprehensive digital asset framework encompasses tokenization, real-world assets, and CBDC integration within broader efforts to modernize the financial system.

However, challenges remain complex, as David Lavecky, head of Canvas, previously told Cryptonews that the Reserve Bank of Australia’s approach to issuing eAUD is “multifaceted,” with several legal, regulatory, and operational hurdles still to overcome.

Organizers have described Project Acacia’s real-money settlement testing on third-party platforms as another world-first for Australia in the digital finance industry.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

European Commission publishes code of conduct for general artificial intelligence

European Commission publishes code of conduct for general artificial intelligence

PANews reported on July 10 that the European Commission: The Code of Conduct on General Artificial Intelligence has been released, which aims to help the industry comply with the legislative
Share
PANews2025/07/10 18:17
Snoop Dogg’s Digital Collectibles Generate $12M in 30 Minutes – NFTs Making a Comeback?

Snoop Dogg’s Digital Collectibles Generate $12M in 30 Minutes – NFTs Making a Comeback?

American Rapper Snoop Dogg’s newest NFTs collection achieved a complete sellout within 30 minutes, accumulating more than $12 million in sales via Telegram. Telegram’s founder, Pavel Durov, celebrated the achievement on July 9, announcing that blockchain minting capabilities and secondary market functionality would launch on the platform within 21 days. According to Durov, nearly one million unique NFTs inspired by Snoop’s distinctive aesthetic have already been purchased. 🎤 @SnoopDogg ’s digital collectibles drop on Telegram sold out in just 30 minutes today, generating $12M in sales. Nearly 1M unique NFTs inspired by Snoop’s iconic style. Blockchain minting and the secondary market go live in 21 days. It’s going to be wild. pic.twitter.com/DeinT5C2f4 — Pavel Durov (@durov) July 9, 2025 How Snoop Dogg Broke Telegram’s NFT Records The collection featured various digital assets, including “Doggs” that mirror the rapper’s likeness, priced at 200 Telegram stars each, with more than 600,000 units sold. Snoop’s signature cigar NFTs commanded 1,000 stars per piece, moving over 120,000 units. Additional collectibles, including cars and swag bags, each recorded sales exceeding 250,000 units. The rapper has promoted the Telegram NFT initiative through an official music video shared with his more than 10 million YouTube subscribers. Where yall at? 🎥 Official @telegram song music video https://t.co/4IyGHlv5SL — Snoop Dogg (@SnoopDogg) July 9, 2025 Telegram simultaneously notified its user base of over one billion about the NFT gift drops. Since Snoop Dogg joined the TON ecosystem in May, NFT activity has surged, particularly on the Telegram-based blockchain. The Telegram NFT Gifts market capitalization reached $200 million in June, accompanied by daily trading volumes exceeding $8 million. Data from Dune Analytics indicates that over 118 Telegram NFTs have been issued, with more than 263,000 unique wallets participating in trading activities. Source: Rdmcd on Dune Recent collectible launches have demonstrated even significant demand. On July 4, Crystal Eagles’ digital collectibles sold more than 15,000 pieces at $100 each within 45 seconds. Additionally, 300,000 Statues of New York Liberty sold out in under five minutes, while 500,000 Liberty Torches were purchased within 10 minutes. This is only the beginning… $TON 🗽💎 pic.twitter.com/6OdibhaiTX — Viktor 🧡 (@s0meone_u_know) July 5, 2025 Current market data indicate that the Telegram gifts market cap is $146 million, with NFT sales generating a total revenue of over $49 million. Source: Dune These developments have led industry observers to speculate that the TON blockchain may be catalyzing a revival of the NFT market, which experienced a significant downturn following its peak in 2022. Blue-Chip NFTs Flock to TON With Bored Apes Leading the Migration The credibility of TON’s NFT ecosystem received a boost on June 19 when the original Bored Ape Yacht Club (BAYC) announced plans to launch its Bored Ape Originals sticker pack collection on Telegram. This announcement carries substantial weight, given BAYC’s market prominence. In 2022, individual BAYC NFTs sold for as much as $646,717.50 (250 ETH at the time). this BAYC just sold for $646,717.50 (250 ETH) would you rather be the buyer or the seller? pic.twitter.com/KHbK5foZym — Puff Yachty (@PuffYachty) March 8, 2022 Other prominent digital collections, including Pudgy Penguins, Doodles, and Moonbirds , have also expressed interest in deploying NFT sticker collections that preserve their distinctive brand aesthetics. According to CoinGecko data , the global NFT market is currently valued at approximately $3.7 billion, with 24-hour sales volume reaching $4.3 million. These figures surpass the August 2021 levels, when NFTs first gained mainstream attention. Source: Coingecko However, Ethereum-based collections, such as CryptoPunks and Bored Ape Yacht Club, along with Solana-based projects like Pudgy Penguins, continue to dominate the NFT market.
Share
CryptoNews2025/07/11 02:08