Reserve Bank of Australia: Stablecoins and bank deposit tokens can complement each other to drive the tokenized economy.

PANews reported on March 25th, citing The Block, that Brad Jones, Assistant Governor of the Reserve Bank of Australia, stated that the bank is no longer discussing the role of tokenization in the wholesale market, but rather focusing on how to implement it. Stablecoins and bank deposit tokens can play complementary roles in the tokenization process. The Digital Finance Collaboration Research Centre estimates that asset and currency tokenization could bring approximately $16.7 billion in efficiency gains to the Australian economy annually.

Jones points out that stablecoins can function in smaller, emerging tokenized markets, while bank deposit tokens have a greater advantage in larger markets. The Reserve Bank of Australia will collaborate with several regulators and industry participants to launch a series of initiatives, including establishing a digital finance market infrastructure sandbox, expanding the deposit token working group, and forming a regulatory and industry tokenization advisory group. Regarding wholesale central bank digital currencies, industry participants believe they are "potentially useful but far from necessary."