Tech industry consortium to run CBDC pilot with digital sterling stablecoin

A cross-industry consortium in the UK is going to run a retail CBDC pilot, featuring a live Digital Sterling (dSterling) stablecoin asset

CBDC sterling

Tech industry consortium to run CBDC pilot with digital sterling stablecoin. Source: shutterstock.com

The upcoming pilot from the Digital Financial Market Infrastructure (DFMI) consortium will test potential use-cases and provide regulators with empirical inputs on CBDC development and stablecoin regulation. 

The consortium consists of IBM, Finastra, FinClusive, Ibanera, paywith.glass, Mattereum, Trust Payments and Accomplish Financial. The initiative is coordinated by Dutch financial infrastructure group paywith.glass, with Boston Consulting Group as its consulting partner, and supported by The Payments Association in the UK.

The project bears the promising name New Era. It proposes a closer public-private collaboration in order to address key challenges and open questions relating to stablecoin regulation and CBDC development. Besides, the consortium plans to use the blueprint set out by Project New Era to launch private-sector pilots in multiple jurisdictions across the world.

“When transactions can be automatically settled, huge cost and time savings can be made. A CBDC with programmable features has the potential to revolutionise business, expedite the economy of things and move our world into an ever more digital future.”
Kunal Jhanji, Boston Consulting Group

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