Project Cedar Phase II x Ubin+ seeks to assess the role of wCBDCs in cross-border wholesale payments. Credit: fotoblend from Pixabay.

Federal Reserve Bank of New York’s New York Innovation Center and Monetary Authority of Singapore (MAS) have joined forces to assess the efficacy of wholesale central bank digital currencies (wCBDCs).   

Under Project Cedar Phase II x Ubin+, the two organisations will study the potential of wCBDCs in enhancing the efficiency of cross-border wholesale payments using multiple currencies.

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In this regard, wCBDCs will be used as a settlement asset to initiate atomic settlement of cross-border cross-currency deals.  

The experiment that requires linking various heterogeneous simulated currency ledgers is aimed at avoiding risks tied to cross-border foreign exchange settlements.

The project seeks to improve cross-border connectivity and interoperability of wholesale digital currencies.

Findings of Project Cedar Phase II x Ubin+ are scheduled to be released in 2023.

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New York Fed Markets Group head Michelle Neal said: “Experimentation across the central banking community is vital to leverage the full potential of digital assets and CBDCs in particular.

“Building off Phase I, the Project Cedar Phase II x Ubin+ collaboration will provide further visibility into the functionality and interoperability of multi-currency ledger networks utilising their own unique designs.”

MAS Markets & Development deputy managing director Leong Sing Chiong said: “Project Cedar Phase II x Ubin+ advances global efforts to evaluate the benefits of wholesale CBDCs and help build capabilities for a future financial infrastructure that is open and interoperable.

“The project takes a practical approach and designs for any future wholesale CBDC to be interoperable across networks, while maintaining each network’s autonomy.”