- The Bank for International Settlements announced the successful completion of Project Mariana, which explored the cross-border trading and settlement of wholesale central bank digital currencies between financial institutions using new decentralized finance technology concepts on a public blockchain.
To facilitate transactions, the AMM was used to pool the liquidity of the hypothetical Swiss franc, euro, and Singapore dollar wCDBCs with “innovative algorithms” that enabled spot FX transactions to be priced and executed automatically and settled immediately. Moving forward, the BIS and participating central banks plan to do further research and experimentation on the model as tokenization and DeFi technologies are still in their infancy.
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