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Mastercard advances in digital transaction space with tokenized CBDCs

Published Oct 13, 2023 03:58AM ET
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Mastercard (NYSE:MA) has taken a significant leap in the digital transaction sector by tokenizing Central Bank Digital Currencies (CBDCs) onto multiple blockchains. This was achieved through a partnership with Cuscal, Mintable, and the Reserve Bank of Australia (RBA). The platform, which allows authorized users to interact with CBDCs following intensive KYC procedures, demonstrated its capabilities on Friday. In a live demonstration, a pilot CBDC holder purchased an NFT on Ethereum's public blockchain using "allow-listed" Ethereum wallets and the NFT marketplace smart contract.

This move emphasizes Mastercard's ability to manage public blockchains and facilitate the quick transfer of digital currencies within its network. The beta-phase Multi-Token Network, launched in June 2023, integrates the Mastercard Crypto Credential and provides unparalleled interoperability among blockchains. The project underscores the vast potential of NFTs and envisions a future free from fraud and loss of documentation.

On Thursday, Mastercard, RBA, and DFCRC's CBDC pilot project introduced a mechanism for seamless interoperability with various blockchains, enhancing consumer security and convenience. Developed in collaboration with Cuscal and Mintable, the solution implements stringent controls to restrict access to approved entities only. A live demo exhibited an NFT acquisition on Ethereum using the pilot CBDC. This process involved locking an equivalent amount on RBA's platform and generating wrapped CBDC tokens on Ethereum through allow-listed wallets of the buyer, seller, and the NFT marketplace smart contract.

Mastercard's Multi Token Network is currently undergoing global trials with selected financial institutions. This enables regulated bodies to utilize digital assets and expands blockchain technology across payment scenarios via Mastercard's trusted network.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Mastercard advances in digital transaction space with tokenized CBDCs
 

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