Australia’s central bank is preparing the next phase of its tokenization journey—shifting from research pilots to the kind of market infrastructure and regulatory clarity needed for real-world adoption.

### From “whether” to “how”

In a speech following the conclusion of the Reserve Bank of Australia’s (RBA) Project Acacia, RBA Assistant Governor Brad Jones said tokenization’s future in Australia’s financial system is now a question of implementation rather than feasibility.

### A longer-term sandbox aimed at commercialization

The RBA said it intends to work with other regulators and industry participants on a new digital market infrastructure sandbox. Unlike short pilot programs, the sandbox would be designed to test tokenized assets, tokenized forms of money, and settlement systems in a longer-running, stage-gated environment that can support eventual commercialization.

### Regulatory coordination is the key unlock

The central bank also confirmed coordination efforts with other Australian agencies—including the Australian Securities and Investments Commission (ASIC) and AUSTRAC—focused on:

- Classification of tokenized assets

- Licensing and supervision of new trading and settlement platforms

- Settlement finality and related legal issues

Industry participants argue that this “joined-up” approach is essential to move beyond proofs-of-concept and encourage institutional participation.

### Why institutions care

Tokenization is often marketed as a way to reduce friction in wholesale markets by synchronizing asset ownership and cash-like settlement on shared rails. If regulated platforms can support transparent order books and robust safeguards, tokenized assets could become more attractive to banks and asset managers.

The RBA estimated the potential annual economic benefits to Australia at roughly A$24 billion (about US$16.6 billion), assuming efficiency gains and reduced risk in wholesale markets.

### What’s on the roadmap

The RBA flagged further work on:

- Tokenized bank deposits

- Stablecoins

- Settlement infrastructure

- The potential role of a wholesale central bank digital currency (CBDC)

### What to watch

- Details of sandbox participation rules and the scope of permitted experiments

- How Australia’s broader crypto licensing proposals apply to custody and tokenized asset operators

- Whether stablecoins and tokenized deposits receive clearer legal treatment, enabling larger-scale settlement trials