The Bank for International Settlements has published a report on its first project to test a retail central bank digital currency (CBDC).

The BIS worked with the Hong Kong Monetary Authority for a year to create the Project Aurum system, which can support two different CBDC models. It can work with an intermediated architecture for CBDC tokens, or with an indirect framework for CBDC-backed stablecoins.

“Bringing CBDC-backed stablecoins to life has never been done before,” the BIS said. Project