Yesterday, blockchain startup CANVAS announced the successful execution of its central bank digital currency (CBDC) trial in Australia, using the eAUD to test foreign exchange (FX) transactions.
Tokenized FX settlements hold significant benefits, including round-the-clock trading and instant payments. The test is part of a series of pilots conducted by the Reserve Bank of Australia and the Digital Finance Cooperative Research Center (DFCRC).
During the trial, the eAUD was exchanged for the USDC stablecoin between DigitalIX and TAF Capital on an Ethereum layer 2 solution. This allowed the transaction to be settled instantaneously without sacrificing privacy, scalability, and regulatory compliance.
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