Australia’s Project Acacia tested tokenized government bonds on the $XRP Ledger, using Ripple’s $RLUSD stablecoin for settlement.
$XRP community member Eri highlighted details from the Reserve Bank of Australia’s final Project Acacia report. Remarkably, the report noted that an Australian government bond was based entirely on the currency $XRP General ledger. The settlement was completed with the help of $RLUSDRipple’s stablecoin, while JPMorgan was involved in custody services.
Key points
- Australia’s Project Acacia tested tokenized government bonds on the $XRP General ledger used $RLUSD for settlement.
- The Reserve Bank of Australia said the trials explored faster settlement and lower operational risk in the markets.
- Project Acacia included pilots in Ethereum, Hedera, Redbelly and $XRP General ledger, which involves real assets.
- Officials say there is still more work before tokenized financial infrastructure can be scaled across wholesale markets.
$XRP General ledger under selected networks
Specifically, Project Acacia included experiments from August 2025 to February 2026 across twenty use cases. These include twelve pilot programs involving real money and real assets.
The initiative brought together banks, fintech companies, custodians, exchanges, stablecoin issuers, fund managers and financial market infrastructure providers to explore tokenization in wholesale markets.
The Reserve Bank of Australia and Digital Finance CRC said pilot programs have been conducted on several blockchain platforms, including Ethereum, Hedera, Redbelly Network and the $XRP General ledger.
The experiments covered tokenized government bonds, corporate bonds, private credit, repos, carbon credits, structured products and tokenized receivables. Settlement assets included stablecoins, commercial bank deposit tokens, pilot wholesale CBDCs and applications related to central bank balances.
Tokenization is more efficient and scalable
The report outlined several potential benefits observed during the studies. They include lower issuance costs, automated lifecycle management, streamlined settlement and reduced operational risk.
Project Acacia participants also tested features related to programmability, composability, fractional ownership, and decentralized infrastructure. The report notes that decentralized systems can improve resilience by reducing dependence on a single operator or infrastructure provider.
While discussing network decentralization, the report stated that Ethereum has thousands of nodes, while the $XRP Ledger has hundreds.
The report further highlighted that tokenization could improve transparency by creating a shared source of truth across multiple assets and allowing investors to access verifiable, real-time information.
Further work ahead, says Reserve Bank of Australia
In comments accompanying the release of the final report, chairman Brad Jones said the project demonstrated “significant and growing industry interest in tokenization.”
Jones stated that industry participants and regulators were particularly interested in the potential of tokenized markets to improve issuance, trading and settlement efficiency, reduce settlement risk and expand access to liquidity.
He added that further work is still needed to address the scaling challenges around tokenized asset markets and new forms of digital money.
According to Jones, the Reserve Bank of Australia, the Digital Finance CRC and partner agencies plan to continue developing initiatives to support experimentation and adoption of tokenized financial infrastructure.