According to the Reserve Bank of Australia, the pilot explored using the XRP Ledger with RLUSD for settlement to assess faster settlement and lower operational risk in financial markets.
Australia’s Project Acacia tested tokenized government bonds on the XRP Ledger (public blockchain network) using RLUSD (Ripple’s U.S. dollar-pegged stablecoin) for settlement, according to the input. The Reserve Bank of Australia (Australia’s central bank) said the trials examined whether tokenization (converting assets into blockchain-based digital tokens) could support faster settlement and reduce operational risk in markets. The project involved pilot programs, indicating that Australian authorities are evaluating how blockchain-based settlement infrastructure could be applied to traditional financial instruments such as government bonds.