Mastercard Tests CBDCs on Ethereum in Australia Pilot
The trial focused on showcasing interoperability between private and public blockchains. Mastercard recently completed a central bank digital currency (CBDC) trial in collaboration with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). The project explored Mastercard’s capabilities to enable CBDC transactions on the public Ethereum blockchain. “Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains,” said Richard Wormald, President of Australasia at Mastercard. Specifically, Mastercard showcased how its technology could allow a holder of a pilot CBDC to purchase a non-fungible token (NFT) listed on the public Ethereum blockchain. To enable this, the solution locked the required CBDC amount on the RBA’s platform while minting wrapped tokens on Ethereum. This demonstrated Mastercard’s ability to maintain necessary controls and compliance even when transacting CBDCs on public blockchains like Ethereum. The company leveraged its Multi Token Network and Crypto Credential offerings that focus on verification standards and scalable interoperability. Alongside Mastercard, the project also involved Australian payment company Cuscal and the NFT marketplace Mintable. The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions.