Mastercard creates tech to tokenize CBDCs on multiple blockchains

2023-10-13 05:07

Mastercard announced the successful demonstration of a central bank digital currency (CBDC) technology designed to integrate CBDCs with multiple blockchain networks, according to a press release.

The technology aims to facilitate the tokenization, or “wrapping,” of CBDCs onto different blockchain networks to enhance consumer convenience and transactional security.

Australian CBDC pilot

Mastercard’s new solution was developed in collaboration with Cuscal and Mintable. It was tested with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) under their experimental CBDC project.

The RBA’s pilot project with the DFCRC aimed to investigate the diverse applications of a CBDC in Australia by exploring novel payment and settlement solutions for households and businesses in the country

A demonstration by Mastercard highlighted a CBDC holder executing a purchase of a non-fungible token (NFT) on the Ethereum public blockchain. The system ensured that a specific CBDC amount was “locked” on the RBA’s platform and subsequently minted an equivalent amount of wrapped CBDC tokens on Ethereum — showcasing interoperability across distinct blockchains.

Additionally, the platform can enforce transactional control on public blockchain networks by restricting the wrapped CBDC so it can only be sent to pre-approved “allow-listed” Ethereum wallets.

Multi Token Network

The technology is part of Mastercard’s Multi Token Network initiative, introduced in 2023.

Mastercard’s Multi Token Network — currently in its beta testing phase — is a component of the company’s strategy to incorporate blockchain technology across varied payment scenarios.

The network aims to enhance blockchain-based payment and commerce solutions. It includes a Crypto Credential feature to facilitate trust in blockchain interactions and scalable interoperability across various tokens and networks.

The post Mastercard creates tech to tokenize CBDCs on multiple blockchains appeared first on CryptoSlate.

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