TLDR
- Ripple, Chainlink and ZeroCap tested RLUSD settlement for tokenized Australian government bonds under Project Acacia.
- The pilot used XRP Ledger infrastructure and explored 24/7 settlement across digital bond workflow operations.
- Zerocap led the use case, with Ripple, Chainlink, Fireblocks, and JPMorgan connected to trial functions.
- The report said RLUSD supported settlement, while XRP Ledger hosted the tokenized bond activity process.
- Project Acacia tested wholesale market uses, including bonds, carbon credits, and asset-backed securities, through pilots.
Ripple, Chainlink and ZeroCap tested RLUSD in a Project Acacia pilot for Australian tokenized government bond settlement. The trial formed part of work by the Reserve Bank of Australia and the DFCRC. It examined digital money use in wholesale tokenized asset markets. The pilot used the XRP Ledger and focused on 24/7 settlement.
Project Acacia Tests Bond Settlement With RLUSD
ZeroCap led the bond use case under Project Acacia. The test covered the end-to-end lifecycle of an Australian Government bond. The asset used a digital twin model on a public-permissioned network. Settlement used Ripple’s RLUSD stablecoin, according to report details.
The final report said, “Zerocap piloted the end-to-end lifecycle of an Australian Government bond tokenised as a digital twin.” It also said the use case explored issuance, trading, and redemption. The trading setup used a central limit order book and an automated market maker. It also named RLUSD as the settlement asset.
The pilot tested how tokenized bonds can move through market steps. It did not present the setup as a full market launch. Instead, it showed how digital assets and digital money can work together. The test included real asset workflows and controlled market conditions.
Ripple, Chainlink and ZeroCap Work on Settlement Rails
Ripple took part through the XRP Ledger and RLUSD. The XRP Ledger provided network rails for the tokenized bond activity. RLUSD served as the payment asset for settlement during the use case. This placed Ripple’s public blockchain and stablecoin in one trial.
Chainlink also appeared in the use case stack, according to the supplied report summary. Its role related to delivery-versus-payment workflows and market links. Delivery-versus-payment means payment and asset transfer occur together. This design can reduce settlement risk in controlled trials.
ZeroCap coordinated the trial work with institutional partners. The supplied materials also named Fireblocks and JPMorgan. JPMorgan provided custody services for one bond custody location. The setup showed how traditional custody and blockchain systems can share one process.
RBA Report Places Trial in Wider Tokenization Work
Project Acacia ran across multiple tokenized asset use cases. The supplied summary says the program covered 20 use cases. It also included 12 pilots with real money and real assets. The work examined fixed income, carbon credits, and asset-backed securities.
The report listed several DLT networks in different pilots. These included XRP Ledger, Ethereum, Hedera, and Redbelly Network. Hedera appeared across several payment use cases. Redbelly supported a separate Australian Bond Exchange pilot.
The bond pilot showed one route for tokenized public debt markets. It tested issuance, secondary trading, and redemption in a single lifecycle. It also examined settlement outside normal market hours. That made the 24/7 settlement feature central to the test.
For crypto market readers, the news centers on infrastructure rather than price. The trial did not say XRP or LINK demand would rise. It did show RLUSD, XRP Ledger, and Chainlink in an institutional test. The report now gives market watchers a clearer record of the trial.
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