Australian Payments Plus (AP+) is pleased to announce that it has been selected to participate in the next stage of Project Acacia, a research project being led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). 

Project Acacia explores how different forms of digital money and associated infrastructure could support the development of wholesale tokenised asset markets in Australia. Building on the success of a 2023 Central Bank Digital Currency (CBDC) pilot, the project will develop and test use cases for settlement in tokenised asset markets, with input from industry participants.  

Among the potential benefits from tokenisation, RBA research from 2024 has suggested that up to $13 billion per year in savings could be available to issuers in the Australian capital markets.¹ 

“Enabling value to be exchanged in a safe and reliable manner is at the core of what we do at AP+, including through our real-time payments platform the NPP,” said Lynn Kraus, CEO of Australian Payments Plus. 

“CBDCs and other forms of digital money, such as stablecoins, have the potential to transform how value moves through the economy. Conversations around CBDCs are happening globally, and we’re thrilled to be a part of the discussion in Australia,” added Kraus. 

AP+ has been conditionally selected to evaluate three interconnected use cases that examine wholesale digital asset settlement and tokenised applications.  

The first use case will examine how multiple types of digital money – including stablecoins and deposit tokens – could operate together within a shared framework, enabling greater interoperability. The second use case will explore what new services or frameworks might be needed to coordinate settlement across these different asset classes and platforms, helping ensure future systems are secure, efficient and cohesive. And the third use case will explore how the NPP could be used to settle wholesale tokenised assets, such as deposit tokens, by comparing different modes of settlement.  

Several other pilot participants will integrate with these use cases in collaboration with AP+.  

“As the operator of Australia’s real-time payments infrastructure, AP+ is well placed to support industry-wide innovation,” said Kraus. “Project Acacia allows us to explore how we could support emerging forms of wholesale digital settlement and strengthen the broader wholesale payments ecosystem.” 

Frequently Asked Questions 

1. What is tokenisation? 

Tokenisation refers to the process of turning real-world assets – such as money, bonds, or securities – into digital tokens on a blockchain or distributed ledger. This allows for more efficient settlement, greater transparency and new forms of automation through smart contracts. 

2. What are Central Bank Digital Currencies (CBDCs)? 

CBDCs are digital forms of central bank money. While Australia has not committed to issuing a retail CBDC, the RBA is exploring potential use cases for a wholesale CBDC that could support innovation in financial markets. Project Acacia is part of this ongoing exploration and focuses on how tokenised forms of money and assets can interact in a shared ledger environment to enable more efficient and secure financial transactions.  

3. Is AP+ offering digital currency projects or services to consumers? 

No. Project Acacia is focused exclusively on wholesale financial market infrastructure, not consumer payments, retail digital currencies, or crypto services. This work relates to how tokenised assets could be settled between financial institutions. 

4. Will AP+ be issuing its own digital currency or getting involved in crypto? 

No. AP+ is not creating or issuing any digital currencies or tokens. AP+ is participating as a research partner to explore how digital money and tokenised assets could enhance efficiency and resilience in Australia’s wholesale financial markets. 

¹ Project Acacia – Exploring the Role of Digital Money in Wholesale Tokenised Asset Markets