Australia’s next-generation account-to-account (A2A) payment systems may need to evolve as tokenized forms of money—such as stablecoins and tokenized liabilities—gain wider adoption, according to a draft vision for the country’s domestic payment infrastructure.
The draft, developed by the Account-to-Account Payments Roundtable, which includes AusPayNet, Australian Payments Plus, the Reserve Bank of Australia and the Commonwealth Treasury, highlights digital assets as a key external force shaping the future of A2A systems.
It notes that tokenized money is shifting from experimentation to real-world adoption, reflecting a move toward programmable, ledger-based value that could support new settlement models, continuous availability and greater automation.
The consultation indicates that policymakers are beginning to treat tokenized money as a core design factor for mainstream payment systems. It adds that future A2A infrastructure may need to ensure secure interoperability between traditional account-based money and tokenized fiat representations, enabling seamless and trusted movement of funds across both systems.
The draft also frames digital assets as a potential parallel layer of value, alongside other forces shaping the future of payments. It notes that these technologies could transform how payments are initiated, authorized and managed, while introducing new challenges around accountability, liability, data usage and system resilience.
Australia pushes ahead with tokenization
The A2A consultation comes as Australia steps up its broader efforts around tokenized money, stablecoins and digital asset regulation.
In July 2025, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre unveiled use cases for Project Acacia, a program exploring settlement in tokenized asset markets. Proposed settlement tools include stablecoins, tokenized bank deposits, a pilot wholesale central bank digital currency, and new ways to use existing exchange settlement accounts.
On March 25, Brad Jones said the next phase of financial innovation will require moving beyond short-term pilots toward longer-term, staged testing environments where regulators and industry can refine both technology and policy. He highlighted the interaction between wholesale CBDCs, bank deposit tokens and stablecoins—as well as syncing tokenized asset ledgers with Australia’s settlement systems—as key areas of focus.
Australia is also working to integrate parts of the digital asset sector into its regulatory framework. In November, the Commonwealth Treasury proposed new laws that would classify digital asset platforms and tokenized custody platforms as financial products, requiring them to obtain an Australian Financial Services Licence.
