The Reserve Bank of Australia has moved its central bank digital currency (CBDC) pilot into a second phase, partnering with the four major banks to test tokenised settlement of wholesale payments. The trial will run through September 2026 and focus on cross-border repurchase agreements.
Phase Two Objectives
- 24/7 settlement of interbank transfers
- Programmable escrow for syndicated loans
- Integration with existing RTGS infrastructure
Participant Roles
| Institution | Focus area |
|---|---|
| CBA | Retail deposit tokenisation |
| NAB | Agri-commodity trade finance |
| ANZ | Cross-border FX atomic settlement |
| Westpac | Superannuation contribution rails |
Retail Implications
- No consumer eAUD wallet is planned before 2027.
- Privacy safeguards remain a core design constraint.
- Commercial banks will operate distribution layers if launched.
The RBA stresses the pilot is experimental and does not signal an imminent replacement of cash.
