DeFi meets CBDC in the latest BIS report.
The Bank for International Settlements Innovation Hub published an interim report on Project Mariana, its collaboration with the central banks of France, Singapore and Switzerland, on the use of wholesale central bank digital currency in tokenized foreign exchange trading. The project is a proof-of-concept that considers questions relating to credit and settlement risk and interoperability.
Specifically, the project looks at automated market makers , token standards and network bridges as it “explores the feasibility of an international FX interbank market using wCBDCs on a blockchain-based network.” An AMM — a smart contract used in decentralized finance — can implement trading and settlement of tokenized assets in a single step, thus reducing risk. For that to happen, technical specifications have to be developed for the wCBDCs and AMMs themselves, as well as the bridges that serve as the on- and off-ramps between the international network and domestic platforms.The liquidity pool and a bonding curve are integral parts of the proposed AMM design.
1/11 Project Mariana, a collaboration between the BIS Innovation Hub, Bank of France, Monetary Authority of Singapore, and Swiss National Bank, is exploring the use of
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