- The project will be launched in a pilot phase this summer in the UK
- It aims to create a “regulated financial application”
- At the initial stage, tokenized deposits will be added to the platform
- But later they can also integrate stablecoins and CBDCs
This summer, Mastercard will launch a pilot Multi-Token Network in the UK. The platform is designed for in-depth testing of bank deposit tokenization models, as well as stablecoins and CBDCs.
The announcement of the company can be found Here. Raj Dhamodharan, Head of Cryptography and Blockchain at Mastercard, commented on the initiative:
“The main engine of the global economy today is regulated money in banks. Therefore, we are starting to make tokenized deposits, since each fiat unit in the account is a digital asset on the blockchain, providing the same level of programmability as a cryptocurrency.”
Mastercard invites all interested financial counterparties to take part in the project. To do this, just fill out a special form on link.
Also, the company does not exclude that support for stablecoins and CBDC will appear on MTN later. Note that Mastercard position their project primarily as a “regulated financial application”.
Most likely, the platform will be connected to the Mastercard Crypto Credentials system. It is a blockchain analysis toolkit for tracking AML compliance.
Also, in theory, MTN can solve certain difficulties with cross-border transfers. But the full potential of the project is not completely clear. The platform will definitely offer users a wide range of tools, including implicit opportunities for developing new applications.