Wisr joins tokenised ABS pilot under Project Acacia

Wisr has joined a consortium of financial technology firms piloting a tokenised asset-backed security under the Reserve Bank of Australia's Project Acacia, in a move that tests how digital structures could change access to wholesale capital markets.

The group will run the "Smart ABS Pilot", which will structure and issue a tokenised version of a real-world asset-backed security on a blockchain-based platform. The pilot sits within Project Acacia, a multi-year initiative led by the Reserve Bank and the Digital Finance CRC that examines the role of digital money and related infrastructure in wholesale tokenised asset markets in Australia.

The consortium is building a digital twin of the Wisr Freedom Trust 2025-1, a AUD $250 million structured investment trust backed by a pool of personal loans that Wisr originates and services. The digital twin will mirror the economics and structure of the existing trust in a tokenised format.

The pilot will test how tokenisation, smart contracts and programmable cash flows can manage the lifecycle of an asset-backed security. This lifecycle spans initial structuring, primary issuance, ongoing servicing and payments, as well as potential secondary trading.

Wisr, which is listed on the Australian Securities Exchange, participates alongside NotCentralised, Redbelly Network and AMAL, part of IQ-EQ. NotCentralised acts as lead structurer and financial engineer for the transaction. Redbelly Network supplies the underlying blockchain infrastructure. AMAL provides trustee and fiduciary services.

Andrew Goodwin, Chief Executive Officer of Wisr, said the project aligns with the lender's funding strategy.

"Tokenisation can improve the transparency, liquidity, and efficiency of capital markets. Wisr is excited to be part of this pilot as we work with our project partners to build and deploy a digital twin of our recently closed AUD$250 million Freedom Trust. We're showcasing how digital infrastructure can directly strengthen institutional finance and open the opportunity of increased benefits to our customers, shareholders and funders."

The Smart ABS Pilot focuses on institutional debt markets and securitisation structures. Asset-backed securities bundle pools of underlying loans into tradable instruments that investors buy, in exchange for cash flows from the underlying assets.

Project Acacia examines how different types of digital money, including potential forms of central bank money, might interact with tokenised assets in wholesale markets. The Smart ABS Pilot will test how on-chain rules and programmable payments could support such instruments.

Consortium roles

NotCentralised leads the design of the transaction's tokenised structure and financial engineering. The firm focuses on institutional financial transactions on public blockchains.

Arturo Rodriguez, Chief Executive and Co-founder of NotCentralised, said the pilot targets a key institutional use case.

"NotCentralised is very excited to have been selected as a lead participant in one of the most relevant applications of tokenisation within the institutional space. Enhancing the anti-fragility of debt markets by securely compressing the time to deal is at the heart of the design of this transaction and at the core of financial innovation," said Rodriguez.

Redbelly Network supplies the public blockchain infrastructure for the pilot. The network has previously been used in a regulated pilot that involved natively issued central bank money.

Alan Burt, Executive Chairman of Redbelly Network, said asset-backed securities offered a strong fit for tokenisation.

"I believe smart asset-backed securities represent one of the leading use cases for tokenisation due to its inherent structural complexity. The intricate payment waterfalls, inter-system reconciliations, and multi-party dependencies have traditionally limited transparency and liquidity. By embedding these rules directly on-chain, tokenisation can streamline operations and enable more dynamic secondary markets," said Burt.

AMAL, part of IQ-EQ, acts as trustee and provides fiduciary oversight in the Smart ABS Pilot. The firm supports securitisation and structured finance transactions across consumer and commercial credit markets.

Luke Andersen, Chief Product Officer at AMAL, said the project highlights the evolving role of trustees.

"We are excited to be part of the Smart ABS Pilot, showcasing our position as Trustee as central to the future of tokenisation and how we can become the trusted bridge between legal enforceability and digital execution. Through this collaboration, we are showcasing how digital asset infrastructure can benefit scale, automation and new market opportunities. Importantly, how it can all live comfortably on the blockchain," said Andersen.

Digital twin structure

The digital twin of the Wisr Freedom Trust 2025-1 will replicate the structure of the existing securitisation trust. The trust holds a portfolio of personal loans that Wisr has originated to Australian borrowers and that it services on an ongoing basis.

The pilot will map cash flows and payment priorities from the underlying loan pool into smart contracts. The contracts will execute payment waterfalls and distributions on the blockchain infrastructure supplied by Redbelly Network.

The structure will test how tokenised securities can interact with digital forms of money in wholesale markets. It will also test how digital issuance and lifecycle management might reduce manual reconciliation and coordination between multiple parties.

Wisr operates as a specialist consumer lender in Australia. The company uses securitisation vehicles such as the Freedom Trust to fund part of its loan book through institutional investors.

Project participants expect initial results from the Smart ABS Pilot in the first quarter of 2026, following the launch of the pilot transaction.