Australia Approves 24 Tokenized Asset Pilots With Major Banks

HomeNews* Australia approved 24 tokenized asset trials involving real money, central bank digital currency (CBDCs), and stablecoins.

• The project, overseen by ASIC and called Project Acacia, will test blockchain-based settlements with major banks and fintech companies.
• The trials will run for six months and include real transactions with assets like bonds, trade receivables, and carbon credits.
• Industry experts noted the focus on permissioned, or restricted, blockchain systems that favor established financial players over open, decentralized technology.
• Project outcomes are expected to be published in early 2026, aiming to support Australia’s digital asset strategy and regulatory roadmap. Australia’s main financial regulator, the Australian Securities and Investments Commission (ASIC), has approved 24 projects to test real transactions using tokenized assets, CBDCs, and stablecoins. The pilots are part of Project Acacia, a collaboration between the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, and will involve leading banks and fintech firms.

• Advertisement - According to official statements, 14 firms received regulatory relief to participate in these trials, which are seen as Australia’s most ambitious move into tokenized finance. Research cited in the announcement suggests the initiative could unlock as much as $8.2 billion in economic gains per year. Use cases include a range of assets, such as fixed income products, trade credit, private markets, and carbon credits.

ANZ, Commonwealth Bank of Australia, and Westpac are among the banks joining fintechs like Fireblocks and Zerocap in these tests. The regulatory approval allows for real-money and real-asset transactions across various distributed ledger platforms, including Hedera, Redbelly Network, R3 Corda, and Canvas Connect, as well as Ethereum Virtual Machine (EVM)-compatible networks.

Not all industry voices are supportive. According to Decrypt, Kadan Stadelmann, CTO of Komodo Platform, criticized the project’s use of permissioned blockchains, saying “Governments worldwide are rushing to develop state-sanctioned blockchain solutions…but instead offering options mired in centralization and control.” Stadelmann added that such blockchains limit access and give more control to central authorities, contrasting with permissionless blockchains like Bitcoin and Ethereum, which are open to the public.

Nineteen trials will use real assets and money, while five will serve as proof-of-concept projects using simulations. Settlement options will include stablecoins, bank-issued deposit tokens, wholesale CBDC pilots, and traditional exchange settlement accounts at the Reserve Bank.

Testing is set to continue for six months, with findings scheduled for release in the first quarter of 2026. The project aligns with the government’s strategy for digital asset development, detailed in its official Statement on Developing an Innovative Australian Digital Asset Industry.

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