Fireblocks, an enterprise platform providing digital asset infrastructure solutions to businesses building on blockchain, is proud to announce its participation in Project Acacia, an initiative led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) exploring how digital forms of money—such as central bank digital currencies (CBDCs), stablecoins, and deposit tokens—could support the development of wholesale tokenised asset markets in Australia.

Project Acacia is being conducted in two phases: the first phase, completed in 2024, focused on conceptual research and defined a 'design space' for potential settlement models using different forms of digital money. The second phase, currently underway, involves developing and testing prototypes of selected models for the settlement of transactions in tokenised assets, framed by industry-led use cases.

Fireblocks' proposal—developed in collaboration with companies including NotCentralised, Redbelly Network, Australian Bond Exchange, and Fasanara Capital—has been conditionally selected for experimentation as part of Phase 2. The use case seeks to demonstrate how a wholesale CBDC can be used to reduce counterparty risk through delivery-versus-payment (DvP) settlement of tokenised securities, while simultaneously ensuring the singleness of money between the different stablecoin and deposit tokens held by the buyer and seller of the security.