Tokenised MoneyCurrent Initiatives
Our current tokenised money initiatives involve an ongoing program of research, experimentation and engagement. Working closely with industry participants and other stakeholders, these initiatives help inform our understanding of how tokenised money could support innovation, efficiency and resilience in Australia's payments system.
Explore our current work
The Role of RITS in Supporting Settlement in a Tokenised Ecosystem
The RBA is consulting on how its settlement services, the Reserve Bank Information and Transfer System (RITS) and the Fast Settlement Service (FSS), could support tokenised finance in Australia. The consultation will help the RBA consider how these services can evolve to meet the needs of tokenised wholesale financial markets into the future.
The Consultation Paper (September 2026) seeks evidence on emerging use cases, requirements and design choices to help shape the next generation of Australia’s settlement services.
Read the Consultation PaperRetail CBDC
In September 2026, the RBA and Treasury updated the assessment on the public policy case for retail CBDC in Australia: Retail Central Bank Digital Currency in the Australian Context: An Update.
Download the Final ReportThe report maintains that there is currently no clear public interest case for issuing a retail CBDC in Australia, re-affirming the assessment reached in the 2024 RBA and Treasury joint paper Central Bank Digital Currency and the Future of Digital Money in Australia.
Download the PaperThe assessment was informed by a public consultation conducted by Verian Group, where views from across the Australian community were sought on issues relating to payment needs and the merits of a potential retail CBDC. The results of this consultation are available in the independent report, Unmet Payment Needs and Digital Money.
Download the ReportProject Acacia
This joint research project involving the RBA and the Digital Finance Cooperative Research Centre (DFCRC) explored how different forms of digital money and associated infrastructure could support the development of wholesale tokenised asset markets in Australia. The research found that asset tokenisation, combined with innovations in money and settlement infrastructure, has the potential to materially enhance efficiency, functionality and resilience in Australia’s financial system.
The Final Report (May 2026) presents the project’s final findings and insights on how new money and infrastructure arrangements could enable wholesale tokenised asset markets to develop in Australia. It proposed a new multi-stream, multi-agency program of work designed to overcome challenges to the growth and adoption of wholesale tokenised markets.
Read the Final ReportThe RBA, DFCRC and CFR agencies are moving ahead with the program of work set out in the Project Acacia Final Report.
Read the Summary of Progress on the Acacia work program