The Reserve Bank of Australia trials use cases for the development of wholesale tokenization asset markets | CoinDesk JAPAN

• The Reserve Bank of Australia (RBA) plans to explore the development of the wholesale tokenization asset market together with industry stakeholders.
• In the "Project Acacia," 24 use cases related to the tokenization of various asset classes will be implemented using stablecoins, experimental CBDCs, and bank deposit Tokens.
• This project indicates that the Australian government is implementing a plan to integrate cryptocurrencies into the economy.

The Reserve Bank of Australia (RBA) plans to explore the development of a wholesale tokenized asset market in collaboration with industry stakeholders.

In "Project Acacia," 24 use cases related to the tokenization of various asset classes such as bonds and private markets will be trialed using stablecoins, experimental wholesale central bank digital currencies (CBDCs), and bank deposit Tokens.

Tokenization refers to the process of issuing real-world assets (RWA) such as bonds and stocks as tokens that can be bought and traded on the blockchain, aiming to accelerate the transaction process, reduce costs, and enhance transparency.

On July 10, the RBA announced that the Australian Securities and Investments Commission (ASIC) will implement regulatory easing to streamline a pilot project that includes a trading test of tokenized assets among participants and other selected financial institutions.

The issuance of a pilot wholesale-type CBDC for testing use cases will be conducted on various blockchain platforms such as Hedera and R3 Corda.

Project Acacia includes participants such as Fireblocks, Northern Trust, Commonwealth Bank of Australia, Australia and New Zealand Banking Corporation, and Westpac Banking.

This project indicates that the Australian government is moving forward with its plan to integrate cryptocurrency into the economy.

The Australian Treasury released a white paper in March explaining how it plans to utilize the tokenization of real assets and wholesale CBDCs to enhance the efficiency of financial markets.