The Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) are collaborating in a project to examine the use of wholesale central bank digital currencies (wCBDCs) for cross-border payments.
The joint experiment, called ‘Project Cedar Phase II x Ubin+’, is a combination of the respective wCBDC initiatives by MAS (Ubin+) and the New York Fed (Project Cedar). One of its key aims will be to reduce settlement risk that adversely affects cross-border, cross-currency transactions.
