The Bank for International Settlements (BIS) Innovation Hub published an interim report on Project Mariana, its collaboration with the central banks of France, Singapore and Switzerland, on the use of wholesale central bank digital currency (wCBDC) in tokenized foreign exchange trading. The project is a proof-of-concept that considers questions relating to credit and settlement risk and interoperability.

Specifically, the project looks at automated market makers (AMMs), token standards and network bridges as it “explores the feasibility of an international FX interbank market using wCBDCs on a blockchain-based network.”