Australia's Project Acacia has successfully tested tokenized government bonds on the XRP Ledger, utilizing Ripple's RLUSD stablecoin for settlement. The Reserve Bank of Australia's final report on Project Acacia highlighted the complete tokenization of an Australian government bond on the XRP Ledger, with JPMorgan providing custody services. The trials aimed to explore faster settlement and reduced operational risks in financial markets. Project Acacia, conducted from August 2025 to February 2026, involved 20 use cases across various blockchain platforms, including Ethereum, Hedera, Redbelly, and the XRP Ledger. The initiative engaged banks, fintech firms, and other financial entities to explore tokenization in wholesale markets. The report noted potential benefits such as lower issuance costs, automated lifecycle management, and improved transparency through decentralized systems. Reserve Bank of Australia chairman Brad Jones emphasized the growing industry interest in tokenization, noting its potential to enhance market efficiency and liquidity. However, he acknowledged the need for further work to address scaling challenges in tokenized asset markets. The Reserve Bank, along with the Digital Finance CRC and partner agencies, plans to continue supporting the development of tokenized finance infrastructure.