The Role of RITS in Supporting Settlement in a Tokenised Ecosystem In Brief

Synchronisation of tokenised assets with settlement services

We are seeking feedback on how tokenised asset platforms could be synchronised with RITS and the FSS to support delivery-versus-payment (DvP) settlement of tokenised assets with central bank reserves. This includes how these services may support the near-term development and the future growth and efficiency of these markets.

Exchange between different forms of tokenised private money

We are seeking views on how RITS and the FSS can support exchanging different forms of tokenised private money from different institutions on a one-to-one basis, and exchange between tokenised private money and traditional bank accounts. This includes enhancements to support both implementation and adoption at scale.

Access to central bank reserves in stablecoin arrangements

We are seeking views on how stablecoin issuers might use central bank reserves if access was made available in the future. This includes the RITS account structures, access models and operational requirements that could support stablecoin arrangements, while taking into account financial stability and integrity considerations.

Design considerations for tokenised central bank reserves

We are seeking views on key design considerations for tokenised central bank reserves. This includes how they could be issued, distributed and funded, how liquidity could be managed, and how they could interact with existing settlement services.

To support safe and efficient tokenised finance

Tokenisation could improve the efficiency, functionality and resilience of Australia’s wholesale financial markets. Settlement in central bank reserves will continue to underpin confidence and stability in these markets.

To support integration between existing and new forms of money

Central bank reserves could support exchanges between different forms of private money, such as traditional and tokenised commercial bank deposits, and stablecoins. This helps different forms of money work seamlessly across the financial system.

To shape the next generation of Australia’s settlement services

Central bank settlement services will need to evolve to better meet the needs of Australia’s financial system into the future.

The RBA welcomes submissions from:

• current and prospective holders of Exchange Settlement Accounts that are interested in tokenised asset markets and/or tokenised forms of money
• financial institutions and industry bodies involved in, or interested in, tokenised assets, financial market infrastructure, or private forms of tokenised money
• technology providers supporting tokenised finance and related infrastructure
• other stakeholders interested in the future role of RITS and the FSS in supporting a tokenised financial ecosystem.

You can direct enquiries or make a written submission to TokenisationSettlementConsultation@rba.gov.au.

The RBA also welcomes engagement with stakeholders throughout the consultation period.