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.
Global banking heavyweight Banco Santander is quietly laying the groundwork to enter the stablecoin space, eyeing fiat-pegged digital tokens as part of a broader strategy to offer crypto services to retail clients.
Crypto exchange Bitget has introduced a new investment product, BGUSD, a yield-generating stable asset tied to real-world financial instruments like U.S. Treasury bills and top-tier money market funds.
A growing number of banks are quietly integrating Ripple’s blockchain infrastructure to improve cross-border transactions, opting for a hybrid model that doesn’t require replacing their legacy systems.
Several of America’s largest banks—including entities tied to JPMorgan, Bank of America, Citigroup, and Wells Fargo—are exploring the creation of a shared stablecoin, according to sources familiar with the discussions.