The Central Bank of Brazil has been developing its digital real project over the past several years.
It began its initial pilot phase in 2023, focusing on testing privacy and programmability features through a specific application scenario.
The project has now narrowed down the proposals for its next phase from 42 to 13. This phase will leverage existing infrastructure to evaluate “the deployment of financial services through smart contracts created and managed by third-party participants on the platform.”
Visa is collaborating with Nubank and brokerage XP to explore the use of a central bank digital currency (CBDC) for enhancing the foreign exchange market. Google is partnering with financial service providers to explore credit backed by public securities, while Santander is testing car transaction functionalities.
Additionally, the Central Bank is preparing to invite new participants for the next round of Drex pilot programs focused on smart contracts.
Tether, best known for powering the USDT stablecoin, is stepping beyond finance and into artificial intelligence.
Europe’s central bank has kicked off a major experiment to see how a digital euro might work in real life.
In a move to reshape how money moves across Africa, Circle is teaming up with Onafriq to introduce USDC as a low-cost, digital alternative for cross-border payments.
Bunq, one of Europe’s leading digital banks, has launched in-app crypto trading in partnership with Kraken, allowing users to buy and sell over 300 digital assets directly from their banking app.