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NY Fed and MAS publish joint CBDC cross-border payment project results By Cointelegraph



The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint “Project Cedar Phase II x Ubin+.” The project examined the use of central bank digital currency (CBDC) for wholesale cross-border payments using one or more vehicle currencies.

A vehicle currency is a highly liquid currency used to facilitate the trading of two less liquid currencies. The first low-liquidity currency is converted into the vehicle currency, which is then converted into a second low-liquidity currency. MAS deputy managing director Leong Sing Chiong said in a statement: