NY Fed, Singapore Regulator Verify CBDC Interoperability, Payment Speeds in Latest Test

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The report is part of the Fed and MAS’s ongoing joint Project Cedar/Project Ubin research. research efforts, found that the respective teams were able to conduct cross-border transactions across different distributed ledger (DLT) and hashed timelock contract (HTLC) technology stacks, with near real-time settlement finality.

A note in the report specified the research focused on studying technical issues, and it”does not reflect any decision to implement” CBDCs or the underlying tech stacks anywhere in particular. The researchers looked at questions of interoperability, atomic settlement whether transactions could settle near real-time, a press release said. The teams used simulated CBDCs and hypothetical payments.

“Hashed timelock contracts, a form of smart contract, were used to successfully bridge ledgers with distinct underlying DLT systems and execute simulated cross-border, cross-currency payments,” the report said.”This demonstrated that interoperability could be established across ledgers with different technical designs.” headtopics.com

The researchers created eight different scenarios to test their interoperability hypotheses, the report said.

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