The Federal Reserve Bank’s New York Innovation Center and the Monetary Authority of Singapore have published the results of a joint project to improve simulated central bank digital currency transactions.
The Federal Reserve Bank of New York’s New York Innovation Center and the Monetary Authority of Singapore havethe results of their joint “Project Cedar Phase II x Ubin+.” The project examined the use of central bank digital currency for wholesale cross-border payments using one or more vehicle currencies.
A vehicle currency is a highly liquid currency used to facilitate the trading of two less liquid currencies. The first low-liquidity currency is converted into the vehicle currency, which is then converted into a second low-liquidity currency.
Cedar x Ubin+ “builds on existing wholesale CBDC research,” according to the report, and focuses on interoperability, atomic settlement — the requirement that settlement be simultaneous for any of them to work — and near real-time settlement. The joint project
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