Yesterday the Monetary Authority of Singapore (MAS) unveiled Project Ubin+, a central bank digital currency (CBDC) that will follow three tracks to explore the use of wholesale CBDC for cross border payments.
Project Mariana, which was unveiled earlier this week by the BIS Innovation Hub, is one of the Ubin+ tracks. The BIS, together with the central banks of Singapore, France and Switzerland, will explore how to use automated market makers (AMM), a DeFi tool, for foreign exchange in cross border payments.
A second project involves interoperability between DLT and non-DLT payment systems. To further this research, MAS is participating in the SWIFT CBDC Sandbox, which involves 17 central banks s well as commercial banks.
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