The Reserve Bank of Australia (RBA) has opened a consultation that primarily explores using conventional central bank reserves for the settlement of tokenized transactions on distributed ledgers. That would involve synchronization between a DLT platform and the existing RTGS systems (RITS and FSS). The most novel aspect of the paper is the RBA’s thinking about stablecoins using central bank money for their reserves. In a more forward looking section, it considers potential designs for tokenized reserves. Much of the thinking is informed by the numerous trials conducted during Project Acacia, the RBA’s tokenization tests conducted with the DFCRC. The consultation closes on 30 October 2026.
The Acacia influence is evident in the stablecoin discussion, where the central bank noted that stablecoin issuers expressed a desire to use central bank reserves to back their wholesale tokens. However, it was not entirely clear from the paper whether any future central bank access would be limited to wholesale stablecoins.
One example from Acacia illustrates the problem. Stablecoin issuer Forte had a contractual arrangement with a bank to hold central bank reserves equivalent to the funds that Forte deposited. However, there would be no legal separation between the portion earmarked for Forte and the rest of the bank’s ESA funds. Under the RITS Regulations, ESA holders act as principal, never as agent or trustee. If the bank failed, Forte’s backing would be indistinguishable from the bank’s own reserves.
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