澳洲儲備銀行（RBA）在「金合歡計畫」（Project Acacia）框架下，使用基於 Hedera 分散式帳本技術的基礎設施，完成 19 筆真實金融交易。此次試點由 RBA 與數位金融合作研究中心於 2025 年 7 月聯合啟動，共探索 24 項代幣化應用場景，涵蓋債券、貿易融資及其他資產支持交易。
Project Acacia 的技術架構：為何選擇 Hedera
Hedera 在此次試點中扮演關鍵基礎設施角色，其技術特性與央行對金融基礎設施的核心需求高度契合。 Hedera 採用節能型的權益證明（PoS，Proof of Stake）共識機制，相較於工作量證明（Proof of Work）架構，能耗顯著更低，同時支援低成本、高可擴展性的交易處理能力。
這一特性對需要同時滿足監管合規、成本控制與高吞吐量的央行場景尤為關鍵。透過在 Hedera 基礎設施上運行 19 筆真實交易，RBA 提供了代幣化資產如何在傳統金融架構中實際運作的具體案例，與此前多數央行區塊鏈探索停留於白皮書或理論模擬的層次存在本質差異。
24 項代幣化用例：從債券到貿易融資的全面驗證
Project Acacia 系統性地探索了 24 項代幣化應用場景，覆蓋金融市場中最具代表性的資產類別：
債券代幣化：將傳統固定收益資產以數位代幣形式在區塊鏈上發行與結算，旨在降低清算延遲與中介成本
貿易融資：利用代幣化技術提升跨境貿易融資流程的透明度與自動化程度，縮短結算周期
其他資產支持交易：涵蓋多類傳統金融資產，測試代幣化技術在更廣泛資產類別中的適用性與可靠性
這一廣泛的用例覆蓋，不僅驗證了 Hedera 技術的多場景適應能力，也為 RBA 在更廣泛應用前積累了識別潛在挑戰的第一手數據。
企業級區塊鏈進入主流金融的結構性意義
此次試點最具說服力之處，在於 RBA 選擇使用真實資金與資產，而非沙盒模擬環境。 Project Acacia 同時探討了技術可行性之外的議題，包括運營流程的調適與監管框架的相容性，為未來更廣泛應用前的系統性挑戰提供了評估基礎。
分析人士指出，全球其他央行正密切關注澳洲的嘗試，因為它提供了一個在受控監管環境下使用真實資金驗證代幣化技術的具體範例。此類試點通常是金融創新技術進入更廣泛市場應用的必要前提，但從試點規模擴展至系統性採用，仍需跨越監管框架、跨市場互操作性與業界採用意願等多個維度的持續推進。
常見問題
什麼是 Project Acacia，它與 Hedera 有何關聯？
Project Acacia（金合歡計畫）是澳洲儲備銀行（RBA）與數位金融合作研究中心（Digital Finance CRC）於 2025 年 7 月聯合啟動的區塊鏈試點計畫，使用 Hedera 的分散式帳本技術基礎設施，探索代幣化資產在真實金融交易中的應用，共覆蓋 24 項用例，完成 19 筆真實交易。
Hedera 的技術為何適合央行級金融應用？
Hedera 採用節能型的權益證明（PoS）共識機制，具備低成本、高可擴展性的特性，同時具備企業級的安全標準與穩定性，能夠在監管合規的前提下處理高吞吐量的金融交易，這些特性正是央行在評估區塊鏈基礎設施時的核心考量。
此次試點與過去央行區塊鏈研究有何本質不同？
最關鍵的差異在於 RBA 使用了真實資金與資產完成 19 筆交易，而非停留於模擬測試或白皮書研究。這一做法直接驗證了代幣化技術在現實金融環境中的操作可靠性，為其他考慮採用區塊鏈的金融機構提供了有實際參考價值的第一手案例數據。
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