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Banking giants and New York Fed start 12-week digital dollar pilot

(Please note, the US CBDC is also known as a “digital dollar.”)

Announced on Nov 15, 2022, the New York Federal Reserve is starting the 12-week pilot program, to test the US digital dollar (CBDC):

NEW YORK, Nov 15 (Reuters) – Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.

Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside the New York Fed’s innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.

The pilot will test how banks using digital dollar tokens in a common database can help speed up payments. Earlier this month, Michelle Neal, head of the New York Fed’s market’s group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.

Here’s a more comprehensive list of participating organizations (reported by Investopedia):

BNY Mellon
PNC Bank
TD Bank
Truist, U.S. Bank
Wells Fargo
Global payments provider Swift
The New York Federal Reserve


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