Swiss Central and Commercial Banks Collaborate with SIX Swiss Exchange to Launch Wholesale CBDC Pilot
The Swiss National Bank (SNB) has embarked on a collaborative venture with six commercial banks and the SIX Swiss Exchange to explore the use of wholesale central bank digital currencies (CBDCs), launching a project referred to as the Swiss franc wCBDC. This initiative, known as Helvetia Phase III, is set to evaluate the practicality of […]
Australia’s Journey Towards a Tokenized Financial System, according the RBA’s assistant governor
The Reserve Bank of Australia (RBA) has expressed interest in adopting a central bank digital currency (CBDC) as the monetary future, envisioning a system where digital money, issued by the state, would act as a tokenized version of central bank reserves. In an address titled “A Tokenised Future for the Australian Financial System,” Brad Jones, […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
PayPal USD Stablecoin Holds Strong with Full Asset Backing, Says Paxos Report
Stablecoin provider Paxos has disclosed its first transparency report for Ethereum-based stablecoin, PayPal USD (PYUSD), affirming the full asset backing of the coin. The report unveils that as of August 31, 2023, the total assets overseen in PayPal USD custody are at par or surpass the total token balance, registering at $44.4 million with a […]
Citi Survey Reveals Rising Momentum for CBDCs in Accelerating Settlements
Escalating approval of Central Bank Digital Currencies (CBDCs) receives reinforcement from ongoing domestic trials and transnational endeavours in diverse jurisdictions, according to a study conducted by the prominent banking institution, Citi. In the context of discussions aiming to truncate local financial settlement cycles within the forthcoming five years, the majority of securities firms are setting […]
Palau’s Inaugural Blockchain Summit: Building on Ripple’s CBDC Partnership and Web3 Innovation Drive
The picturesque island nation of Palau is setting the stage for its inaugural event, the Palau Blockchain Summit. This summit signifies Palau’s stride into the realm of blockchain technology, with a focus on accelerating the nation’s digital transformation. By embracing various Web3 initiatives and collaborating with industry leaders, Palau aims to position itself as a […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]
Bank of Korea Selects Three Regions for Central Bank Digital Currency Pilots
The Bank of Korea has taken a significant step forward in its plans to develop a central bank digital currency (CBDC) by narrowing down its choices for pilot testing. According to a report from a local South Korean media outlet, the bank has chosen three regions as candidates for the “private target CBDC test bed”: […]
Palau Government Launches US Dollar-Backed Stablecoin Pilot on XRP Ledger
On July 26, the government of Palau will commence a pilot project for a new United States dollar-backed stablecoin, set to be issued on the XRP Ledger. The Palau Stablecoin (PSC), also known as the Kluk, will be initially distributed to government employees after undergoing testing with volunteers making purchases using various devices. The PSC […]
Russia Embraces Digital Ruble: President Putin Signs CBDC Law for Central Bank-Backed Currency
Today, President Vladimir Putin of Russia officially signed the digital ruble bill into law, granting the country’s central bank the authority to issue its own digital currency. The digital ruble, a concept that the Bank of Russia has been carefully considering, will be integrated into the payment ecosystem alongside traditional methods, as outlined in the […]
