A technical sandbox program will be launched by the American-based Digital Dollar Project in collaboration with Ripple and a few other digital asset companies to further research a digital currency issued by the U.S. central bank (CBDC).
Cross-border payments will be the primary focus of the program when it launches in early October, the non-profit organization stated on Wednesday.
A pilot phase and an education phase are both phases that the program will go through. The research’ findings will afterwards be “shared and used to inform corporate and public sector stakeholders on how advanced technical solutions can unlock business value in a disruptive fashion”
The Digital Dollar Foundation, a public education and advocacy organization, and information technology consulting firm Accenture founded the Digital Dollar Project.
One of the biggest U.S. financial service companies, the Depository Trust and Clearing Corporation, teamed up with the Digital Dollar Project in April and began “Project Lithium” to test CBDC infrastructure.
The creation of a potential U.S. CBDC was given “highest urgency” in an executive order issued by U.S. President Joe Biden in March.