Mastercard, a global leader in payments, has launched a central bank digital currency (CBDC) program in collaboration with its leading partners Ripple and Consensys.
Mastercard Collaborates with Ripple and Consensys to Create a Central Bank Digital Currency (CBDC)
The announcement by the company revealed Mastercard's intention to form a consortium of blockchain and payment service providers to participate in the newly formed CBDC program.
As highlighted by Raj Dhamodharan, Mastercard's Head of Digital Assets and Blockchain, this program is strategically designed to foster collaboration and innovation in the CBDC space.
“We believe in payment options and interoperability across different ways of paying is a key component of a thriving economy,” said Dhamodharan.
He stressed the importance of creating a platform where various stakeholders can collaboratively shape the future of CBDCs.
Early partners in Mastercard's CBDC program include Ripple, Consensys, Fireblocks and Fluency, a leading tokenized asset service provider.
While the announcement did not reveal specific details of the program's roadmap, Mastercard stressed that CBDCs should not be adopted alone.
The CBDC Joint Program will play an important role in guiding central banks to create CBDCs that offer unique value and contribute to economic growth.
*Not investment advice.
