Project Mariana, a joint initiative by the Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland, has successfully tested the cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs). The project utilized decentralized finance (DeFi) technology concepts on a public blockchain to facilitate the trading and settlement of hypothetical euros, Singapore dollars, and Swiss francs. The project also explored the use of automated market makers (AMMs) as a means of trading and settling spot FX transactions automatically. The results of Project Mariana suggest that these DeFi elements could serve as the foundation for a new generation of financial market infrastructures. However, further research and experimentation are needed in tokenization and DeFi technologies. Project Mariana does not imply that any of the partner central banks intend to issue wCBDCs or endorse a particular technological solution.
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