The trial, which began in June 2023, employed a wrapped CBDC solution. The process involved locking a pilot CBDC amount on the RBA’s platform and minting an equivalent of wrapped pilot CBDC tokens on Ethereum. This procedure was carried out by “allow-listing” Ethereum wallets of the buyer, seller, and NFT marketplace smart contract, permitting only specific transactions on public blockchains.
On Thursday, Richard Wormald, Mastercard’s Australasia President, confirmed the successful trial. He highlighted that this venture was in response to growing consumer demand and demonstrated commerce across multiple blockchains. The procedure involved locking the necessary CBDC amount on RBA’s platform and minting wrapped tokens on Ethereum while maintaining necessary controls throughout.
The compliance aspect of the operation was ensured through Mastercard’s Multi Token Network and Crypto Credential offerings. These emphasized verification standards and scalable interoperability. The project also saw involvement from Australian firms Cuscal and Mintable.
Mintable’s CEO Zack Burcks views this CBDC wrapping technology as a means to eliminate fraud, end loss of documentation, and create new commerce opportunities. The RBA echoes this sentiment, believing that an Australian dollar CBDC could foster complex payment arrangements and enhance transaction speed, security, and interoperability in finance, thereby expanding the utility of digital currencies.
The trial showcased Mastercard’s ability to enable a holder of a pilot CBDC to transact on the public Ethereum blockchain for purchasing NFTs from an NFT marketplace.
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