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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”