Canvas Connect linked tokenised bonds, private credit, and pilot wCBDC in Project Acacia
The RBA and DFCRC final report names two Canvas pilot use cases: Canvas Government Bond and Canvas Private Credit Fund. In both, Canvas Connect was the permissioned, EVM-compatible Layer 2 used to test wholesale asset workflows with pilot wholesale CBDC settlement.
- Two Canvas pilots named in the final report
- Canvas Connect identified as the permissioned, EVM-compatible Layer 2
- Government bond collateral, repo, secondary trading, and coupon workflows
- Private-credit issuance, secondary trading, distributions, and lending
- Pilot wholesale CBDC issued to the same blockchain as the Canvas assets
Who Canvas is
Infrastructure for institutional tokenised markets
Canvas builds infrastructure for institutions working with tokenised assets, digital money, and controlled market workflows. In Project Acacia, that infrastructure was applied to two public research pilots: two asset classes, pilot wholesale CBDC, and Canvas Connect as the network identified in the final report.
Canvas Connect was the network
The final report identifies Canvas Connect as the permissioned, EVM-compatible Layer 2 used in the Canvas use cases.
Government-bond workflows went beyond issuance
Canvas tested tokenised Australian Government bond workflows across collateralised lending, repo, secondary trading, and coupon payments.
Private-credit workflows included lifecycle events
Canvas tested tokenised private-credit fund activity across primary issuance, secondary trading, distributions, and collateralised lending.
Pilot wCBDC settled with the assets
In both Canvas use cases, tokenised instruments were settled using pilot wholesale CBDC issued to the same blockchain as the assets.
What Canvas did
Two asset workflows, tested beyond issuance
The Canvas pilots focused on the operating mechanics institutions care about after a token is created: financing, transfer, servicing, collateral, and settlement. That is the difference between a token demo and a market workflow.
Government bonds
Canvas tested tokenised Australian Government bond workflows across collateralised lending, repo, secondary trading, and coupon payments.
- One structure was aligned to direct beneficial ownership of an underlying bond held in off-chain custody.
- A second structure used a special-purpose-vehicle debt claim backed by government bonds held off-chain.
- The pilot connected bond records, collateral movement, secondary transfer, coupon servicing, and pilot wholesale CBDC settlement.
Private credit
Canvas tested tokenised shares in a vehicle investing in a real estate credit fund, including activity after issuance.
- The workflow covered primary issuance, secondary trading, distributions, and collateralised lending.
- The use case stayed inside a wholesale research context, not a public retail investment product.
- Collaborating parties listed in the report include Banking Circle Australia, Zodia Custody Australia, Fireblocks, Sanlam Private Wealth, and Alceon Group.
Institutional relevance
Infrastructure has to cover the workflow, not just the token
Institutional tokenised markets need more than token issuance. The hard work is aligning the asset, money, custody assumptions, permissions, and servicing records so a transaction can be governed from start to finish.
The Canvas pilots put post-issuance activity in scope: lending, repo, secondary transfer, coupon payments, distributions, and collateral release.
Canvas Connect provided the permissioned, EVM-compatible network identified in the final report for the Canvas use cases.
Pilot wholesale CBDC was issued to the same blockchain as the Canvas tokenised instruments, keeping asset movement and settlement money in one test environment.
The RBA and DFCRC frame scaling as a coordination challenge across industry, regulators, law, technology, and market operations.
Working with Canvas
Bring a real market workflow to the table
The starting point is a specific institutional use case: an asset, a set of eligible participants, a settlement path, and the operational events that need to be recorded.
Asset class, token structure, and lifecycle events
Settlement asset, cash movement, and reconciliation model
Custody assumptions, off-chain records, and servicing obligations
Participant eligibility, network permissions, and operating controls
Design a governed pilot with Canvas
If you are evaluating tokenised bonds, private markets, collateral, or digital-money settlement, bring Canvas a concrete workflow. We can help map the asset, money leg, counterparties, permissions, and records before committing to a network, token model, or settlement design.
Scope of claim: this page summarises published research outcomes. It does not claim a production launch, RBA endorsement, investment availability, or regulatory approval for any Canvas product or use case.