Four Leading Banks Have Joined The New York Fed’s 12-week Digital Dollar Pilot

According to Reuters, global banking titans will begin a 12-week digital dollar pilot with the Federal Reserve Bank of New York on Tuesday.

As stated in a statement, Citigroup Inc, HSBC Holdings Plc, Mastercard Inc, and Wells Fargo & Co are among the financial firms taking part in the experiment alongside the New York Fed’s innovation center. According to the New York Fed, the regulated liability network project will be carried out in a test environment with simulated data.

The pilot will see how banks can help speed up payments by using digital dollar tokens in a shared database.

Michelle Neal, head of the New York Fed’s market group, stated earlier this month that the use of a central bank digital dollar to speed up settlement time in currency markets holds promise.

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