- Project Mariana, a collaborative effort involving the Bank for International Settlements
(BIS) and the central banks of France, Singapore, and Switzerland, has successfully
completed its mission. - The project focused on testing the cross-border trading and settlement of wholesale
central bank digital currencies (wCBDCs) among financial institutions, utilizing
decentralized finance (DeFi) technology concepts on a public blockchain. - Project Mariana demonstrated the successful cross-border trading and settlement of
hypothetical euro, Singapore dollar, and Swiss franc wCBDCs among simulated financial
institutions. - The project relied on several key elements, including a common technical token standard
provided by a public blockchain, bridges for seamless wCBDC transfers between different
networks, and an Automated Market Maker (AMM) to facilitate automated spot FX
transactions and settlements. - The AMM’s Innovative algorithms pooled liquidity from various wCBDCs, enabling
automatic pricing and execution of spot FX transactions, and suggesting potential
applications for the next generation of financial market infrastructures supporting crossborder trading and settlement.
