Australia’s Reserve Bank has selected Hedera as one of the distributed ledger platforms for Project Acacia, its flagship wholesale CBDC initiative. The RBA named Hedera alongside Redbelly Network, R3 Corda, and Canvas Connect for pilot wholesale CBDC issuance as part of the joint effort with the Digital Finance Cooperative Research Centre (DFCRC).
Australian Payments Plus (AP+), the national payments scheme operator and Hedera Council member, deployed a private HashSphere network specifically for the project’s regulatory requirements. HashSphere is Hashgraph’s enterprise blockchain solution built with Hedera technology, allowing regulated institutions to operate private, permissioned networks while maintaining interoperability with public infrastructure.
📢 HashSphere, Hashgraph’s private, permissioned blockchain built with @hedera technology, was selected as core infrastructure for Australia’s Project Acacia.
— Hashgraph (@hashgraph) March 4, 2026
🔗 https://t.co/2O3GqRnbCK
Led by the Reserve Bank of Australia (@RBAInfo) + the Digital Finance Cooperative Research… pic.twitter.com/Zo55ov9Qvl
What Is Project Acacia?
Project Acacia launched in late 2024 as a research initiative exploring how digital money could support wholesale tokenized asset markets in Australia. The project has backing from ASIC, APRA, and the Treasury.
The initiative selected 24 use cases from organizations ranging from fintechs to major banks:
- 19 pilot use cases involving real money and real asset transactions
- 5 proof-of-concept use cases involving simulated transactions
Asset classes include fixed income, private markets, trade receivables, and carbon credits. Settlement assets being tested include stablecoins, bank deposit tokens, and pilot wholesale CBDC. Participants include Commonwealth Bank, Westpac, ANZ, Northern Trust, Fireblocks, and Australian Payments Plus.
Research from the DFCRC suggests digital finance modernization could unlock AU$24 billion in annual productivity gains for Australia.
🏦Project Acacia marks one of Reserve Bank of Australia's largest CBDC project
— 🥖Tokenicer✲⥃⬢ (@Tokenicer) September 3, 2025
✅Multiple Govt Entities
✅Private Sector Finance
✅Private DLT w R3 Corda
✅L2 Solution w Canvas
✅Public DLTs w $HBAR $RBNT
The testing will involve 19 pilot use cases involving REAL money and even… pic.twitter.com/ZkglW6a1dY
How HashSphere Works
HashSphere launched in March 2025 to address a persistent challenge in enterprise blockchain adoption. Regulated institutions want the efficiency gains of distributed ledger technology but face compliance challenges with public networks. Traditional private networks solve the privacy problem but create vendor lock-in.
HashSphere operates as a standalone private network powered by Hedera’s technology stack:
- Standalone private network with enterprise-grade data privacy
- Planned native interoperability with Hedera public network and other private networks
- EVM-compatible smart contract deployment
- Access to Hedera Token Service, Consensus Service, and Stablecoin Studio
- Fully managed nodes with SLA-based support
This architecture allows enterprises to maintain transaction privacy while connecting to public infrastructure when needed. Australian Payments Plus, Blade Labs, and Vayana are participating as beta partners ahead of public launch.
The Australian Payments Plus Connection
AP+ serves as the bridge between HashSphere and Project Acacia. The organization formed in 2022 from the merger of eftpos, BPAY Group, and NPP Australia, operating Australia’s core domestic payment systems including real-time bank transfers.
Rob Allen, who leads Future Payments (Web3) strategy at AP+, explained their approach: “We are interested in HashSphere primarily for its enhanced privacy and regulatory compliance, while also needing network interoperability for the seamless and transparent interchange of stablecoins between public Hedera and private HashSphere.”
For Project Acacia, AP+ built a private HashSphere network because regulators required that wholesale CBDC not sit on a public blockchain. The deployment satisfies privacy requirements while maintaining connections to public stablecoin rails for settlement testing.
Project Timeline and Progress
According to DFCRC updates from December 2025, all proof-of-concept use cases have been completed and wholesale CBDC has been deployed onto multiple platforms. The final report is now expected early Q2 2026.
Key milestones:
- November 2024: Consultation paper released
- July 2025: 24 use cases selected, ASIC regulatory relief granted
- December 2025: All proof-of-concept use cases completed
- Q2 2026: Final report expected
Brad Jones, Assistant Governor (Financial System) at the RBA, stated: “Ensuring that Australia’s payments and monetary arrangements are fit-for-purpose in the digital age is a strategic priority for the RBA and the Payments System Board.”
Hedera’s Institutional Positioning
Hedera’s selection for Project Acacia aligns with recent institutional deployments on the network:
- UK: Lloyds Banking Group and abrdn executed tokenized collateral transactions
- US: Wyoming selected Hedera for its state-issued Frontier Stable Token
- UK: Bank of England and BIS Innovation Hub chose Hedera as one of two L1 networks for their DLT Challenge
The RBA has not committed to issuing a wholesale CBDC or mandating any particular infrastructure. Project Acacia remains a research initiative. However, infrastructure choices made during experimentation could influence future production decisions.
Hedera’s Institutional Positioning
Hedera’s selection for Project Acacia aligns with recent institutional deployments on the network. In the UK, Lloyds Banking Group and abrdn executed tokenized collateral transactions on Hedera, marking a first for that market. Wyoming selected Hedera as a blockchain candidate for its state-issued Frontier Stable Token. The Bank of England and BIS Innovation Hub chose Hedera as one of two L1 networks for their DLT Challenge.
The RBA has not committed to issuing a wholesale CBDC or mandating any particular infrastructure. Project Acacia remains a research initiative. However, infrastructure choices made during experimentation could influence future production decisions.
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