The Federal Reserve Bank of New York has conducted proof-of-concept experiments into the digital dollar for wholesale domestic and cross-border payments, exploring a global, near-real time, 24/7 payment system.

Participants in the central bank digital currency project included BNY Mellon, Citi, Digital Asset, HSBC, Mastercard, Swift and Wells Fargo. 

Results published on July 6 said the project used a regulated liability network (RLN), a “theoretical payment infrastructure designed to support