Monoova executes cross-border settlement using Australian dollar CBDC

Monoova’s CTO Nicholas Tan successfully completed the first real-world, cross-border settlement using the Australian Central Bank Digital Currency (CBDC) pilot project. The settlement involved an AUD payment to NexPay from a client in Japan, providing irrefutable proof of balance backed by the Reserve Bank of Australia (RBA).

Facts

• Monoova’s CTO completed the first real-world, cross-border settlement using the Australian CBDC pilot project.
• The settlement involved an AUD payment to NexPay from a client in Japan.
• The payment was settled by Monoova to NexPay’s pilot CBDC wallet, providing irrefutable proof of balance.
• The CBDC pilot project was established to explore potential use cases and economic benefits in Australia.
• Monoova’s use case focuses on cross-border settlement and custody.
• The trial aims to improve transparency, and speed, and minimize counterparty risks of FX transactions in Australia.
• Monoova’s use of CBDC allows for instant settlements and independent verification of account balances on the blockchain.