October 13, 2023

Mastercard Successfully Tests CBDCs on Ethereum in Collaborative Australian Pilot

The CBDC trial emphasized the seamless integration between private and public blockchain networks.

In a collaborative effort with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), Mastercard recently completed a successful trial involving central bank digital currencies (CBDCs). This project was designed to evaluate Mastercard's ability to facilitate CBDC transactions on the public Ethereum blockchain.

Richard Wormald, President of Australasia at Mastercard, highlighted the growing consumer demand for cross-blockchain commerce, including public blockchains.

"Mastercard has observed a rising interest from consumers to engage in transactions spanning various blockchain platforms."

More specifically, Mastercard showcased how their technology could enable holders of pilot CBDCs to purchase non-fungible tokens (NFTs) listed on the public Ethereum blockchain. To make this possible, the solution involved locking the required CBDC amount on the RBA's platform while simultaneously minting wrapped tokens on the Ethereum network.

This demonstration underscored Mastercard's ability to maintain essential controls and ensure compliance, even when conducting CBDC transactions on public blockchains like Ethereum. The company harnessed the power of its Multi Token Network and Crypto Credential offerings, focusing on verification standards and scalable interoperability.

In addition to Mastercard, the collaborative project also featured Australian payment company Cuscal and the NFT marketplace Mintable.

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