Fireblocks collaborates in Project Acacia to explore digital currencies for tokenised assets

Fireblocks, a provider of digital asset infrastructure, is collaborating with firms such as NotCentralised and Redbelly Network to pilot atomic settlement of tokenised securities using central bank digital currencies (CBDCs) and stablecoins.

Project Overview

Project Acacia, which is led by the Reserve Bank of Australia (RBA) alongside the Digital Finance Cooperative Research Centre (DFCRC), aims to explore how digital money can support wholesale tokenised asset markets in Australia. This initiative includes two phases, with the first phase focusing on conceptual models for settlement, concluding in 2024.

Phase Development

The second phase of the project involves developing and testing prototypes for transaction settlements related to tokenised assets, informed by industry needs. Fireblocks has proposed a model demonstrating the potential for a wholesale Cross-Border Data Compact (CBDC) to reduce counterparty risk through delivery-versus-payment settlement of tokenised securities.

Use Case Objectives

The project seeks to create efficient workflows for the issuance and trading of tokenised securities on a permissioned public blockchain, integrating central bank-issued digital money with stablecoins. Initial phases have utilized testing networks and simulated assets, with aims to transition to real transactions contingent on regulatory guidance.

Stakeholder Perspective

Michael Shaulov, CEO of Fireblocks, expressed support for Project Acacia, emphasizing its role in examining future settlement models for tokenised asset markets. NotCentralised's CEO Arturo Rodriguez called the project vital for fostering open capital markets using blockchain.

Redbelly Network's Chairman Alan Burt indicated that CBDCs will be essential for contemporary capital markets. Additionally, Francesco Filia, CEO of Fasanara Capital, highlighted the project's significance for wholesale market infrastructure. A report from the steering committee, which includes key financial regulators, is anticipated by the end of 2025.

This summary captures the main points from the original blog, illustrating Fireblocks' role in developing new settlement methods in tokenised asset markets, which is relevant to enterprise IT leaders and financial industry stakeholders.