worldcoinindex.com
In collaboration with the Reserve Bank of Australia (RBA), Digital Finance Cooperative Research Centre, Cuscal, and Mintable, Mastercard has successfully conducted a trial wrapping central bank digital currencies (CBDCs) on various blockchains, similar to the concept of wrapped Bitcoin (wBTC) and wrapped Ether (wETH). The experiment showcased the ability to use CBDCs to purchase nonfungible tokens (NFTs) on blockchains like Ethereum, demonstrating the potential for seamless integration between digital currencies and NFTs.
Mastercard's solution leveraged the Multi Token Network, launched in June 2023, which combines payment technology with blockchain infrastructure. The trial involved locking a specific amount of pilot CBDC on the RBA's pilot CBDC platform and minting equivalent wrapped pilot CBDC tokens on Ethereum. To ensure security and control, Ethereum wallets of both the buyer and seller, along with the NFT marketplace smart contract, were "allow-listed" within the platform. The successful test transaction emphasized the platform's ability to implement stringent controls, even on public blockchains.
Zack Burcks, CEO and founder of Mintable, highlighted the potential to link digital currencies and NFTs, addressing concerns related to fraud, theft, record-keeping, and offering new opportunities for commerce. The RBA had previously indicated that an Australian dollar CBDC could enable complex payment arrangements and financial innovation not achievable with traditional fiat money, although further research is needed to assess the advantages.