Mastercard's CBDC pilot ventures into Ethereum and NFTs – Blockworks


The project secured the needed pilot CBDC on the Reserve Bank of Australia’s platform and minted matching ‘wrapped’ tokens on Ethereum.
EyeofPaul/Shutterstock, modified by Blockworks
Mastercard in conjunction with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, revealed Thursday the latest results of their CBDC pilot project. 
Notably, the pilot included a live transaction where an NFT was purchased on the Ethereum blockchain using a “wrapped” version of the CBDC, according to a statement.
Jointly developed with financial services company Cuscal and blockchain platform Mintable as part of the bank and cooperative’s research project, the tech is designed to make CBDCs interoperable across various chains.
The pilot, which places a real legal claim on the RBA, involved selected industry participants and demonstrated how a CBDC could provide payment and settlement services to Australian households and businesses.
“Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains,” Richard Warmold, the company’s Division President of Australasia said.
“This technology not only has the potential to drive more consumer choice, but it also unlocks new opportunities for collaboration between the public and private networks to drive genuine impact in the digital currency space.”
During the live test, Ethereum wallets of both the buyer and seller were ‘allow-listed,’ demonstrating the tech’s capacity to enforce controls on public blockchains.
Securing the necessary quantity of the pilot CBDC on the RBA’s dedicated platform, the project then generated a corresponding amount of wrapped pilot CBDC tokens on Ethereum.
Authorization protocols are strict. The pilot CBDC can only be held, used and redeemed by authorized parties who have cleared Know Your Customer verifications and have been risk-assessed by licensed service providers.
The project is part of a broader strategy under Mastercard’s wider Multi-Token Network (MTN) initiative, launched in June 2023, that aims to act as a “testbed for developing live pilot applications and use cases with financial institutions, fintechs and central banks,” Blockworks previously reported.
It aligns with Mastercard’s ambition to leverage blockchain tech across an array of payment use cases to facilitate what the company is touting as the mainstream adoption of digital currencies.
Don’t miss the next big story – join our free daily newsletter.
Follow Sam Bankman-Fried’s trial with the latest news from the courtroom
Blockworks Daily

Upcoming Events
Digital Asset Summit 2024 | London
MON – WED, MARCH 18 – 20, 2024
Blockworks’ Digital Asset Summit (DAS) will take place March 18-20, 2024 at The Hilton London Metropole. Why London? Momentum. London has become one of the world’s hottest crypto hubs. Innovation is thriving, new institutional investors are flocking in, and regulators like […]
buy tickets
recent research
Distributed Validator Technology (DVT) significantly evolves Ethereum's Proof of Stake. DVT introduces heightened security and reduces slashing risk by fragmenting the validator key across multiple nodes.
by Matthew Fiebach

Breaking headlines across our core coverage categories.
Terraform seeks documents from Citadel, alleging there’s a possibility Citadel was involved in the UST depeg
Meanwhile, Sam Bankman-Fried was briefly accused of laughing and scoffing while Ellison was on the stand
As part of an FTC motion for settlement, Voyager faces a penalty of $1.65 billion
What is the goal of all of this online cruelty — if you’re going to do the crime, at least be hot so that we can objectify you before you do the time?
Prosecutors have “smart strategy” of using witnesses to drive a narrative with “elements of ambition and romance and betrayal,” law partner tells Blockworks
Van Bourg says that scaling solutions were overbuilt during a particular period of high demand in Ethereum’s history
Blockworks Daily Newsletter
Get the daily newsletter that helps thousands of investors understand the markets.
blockworks research
Unlock crypto's most powerful research platform.
Our research packs a punch and gives you actionable takeaways for each topic.
Blockworks Inc.
133 W 19th St., New York, NY 10011


Leave a Reply

Your email address will not be published. Required fields are marked *