Mastercard and RBA Report Successful Trial of Wrapped CBDC in Australia

Mastercard has unveiled a solution enabling CBDCs in Australia to be tokenized and used securely across various blockchain networks.
Mastercard and RBA Report Successful Trial of Wrapped CBDC in Australia
Mastercard and RBA Report Successful Trial of Wrapped CBDC in Australia

Mastercard announced that it has successfully tested a new solution that enables CBDCs to be tokenized, or “wrapped,” onto several blockchains, providing users with a safer and more practical way to transact across numerous blockchains in Australia.

The solution was developed in conjunction with Cuscal and Mintable as part of a research project by RBA and DFCRC to look at potential uses for a CBDC in Australia.

It has measures to ensure that the pilot CBDC can only be kept, used, and redeemed by approved parties who have had their risk evaluated and Know Your Customer (KYC) validated by authorized service providers.

Mastercard’s Division President for Australasia, Richard Wormald, stated that “as the digital economy continues to mature, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains.”

Mastercard provided an illustration of how the solution may enable the owner of a pilot CBDC to purchase an NFT published on the Ethereum public blockchain. On the RBA’s pilot CBDC platform, the method “locked” the required number of pilot CBDCs, and it also created an equivalent number of wrapped pilot CBDC tokens on Ethereum.

Increase the use of blockchain technology across payment use cases via Mastercard’s Multi-Token Network, which is now being beta tested with a select multinational financial institutions. It is now being tested with a small number of international financial institutions and will allow regulated businesses to take advantage of digital assets’ potential.

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