The Federal Reserve Bank of New York's New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint trial with wholesale central bank digital currencies (wCBDCs). Regulators want to test the potential of wCBDCs for cross-border wholesale payments.
In a presentation in Singapore, NY FED Vice President and Head of Markets Michelle Neal said that the FED still has no plans to issue a CBDC but is exploring currency spot settlement "from a Federal Reserve perspective."
