New York Fed Launches Pilot for Digital Dollar

The New York Federal Reserve has launched a 12-week pilot for the digital dollar with several leading private banks.

As part of the pilot study led by the New York Fed, payment transactions with digital dollars will be tested.

According to the statement made by the New York Fed, the theoretical infrastructure prepared for the digital dollar will include multiple assets at the same time, the infrastructure will remain open as long as the pilot study continues and can be programmed by authorized participants.

The 12-week pilot will be piloted by BNY Mellon, Citigroup, HSB Holdings, Mastercard, PNC Bank, TD Bank, Truist, US Bank and Wells Fargo & Co. provide support.

SWIFT will provide the necessary infrastructure for the participants to act in harmony with each other, and Deloitte will provide the necessary consultancy services for the study.

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