Australia to test CBDCs, stablecoins in next stage of crypto play

The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.

Australia’s central bank said on Thursday it’s moving to its next stage in exploring digital currencies, launching a trial on how digital money and tokenization can support wholesale financial markets. 

The Reserve Bank of Australia (RBA) said in a statement on Thursday that stablecoins, bank deposit tokens and a pilot wholesale central bank digital currency (CBDC) will be used by partners participating in the trial.

The trial is phase two of Project Acacia, a joint initiative from the RBA and the Digital Finance Cooperative Research Centre announced in November last year.

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