News

France, Singapore, and Switzerland Pioneer Cross-Border CBDC Exchange

France, Singapore, and Switzerland lead in wCBDC trading, redefining the future of cross-border digital finance with Project Mariana.
France, Singapore, and Switzerland Pioneer Cross-Border CBDC Exchange

On September 28, central banks from France, Singapore, and Switzerland, in collaboration with the Bank for International Settlements (BIS), successfully trialed the cross-border trading of wholesale central bank digital currencies (wCBDCs). Besides showcasing the potential of decentralized financial technologies, the trial also sheds light on the future of interbank foreign exchange in a world steadily tilting towards CBDCs.

Advertisement

Harnessing DeFi for CBDC Innovations

Project Mariana, the innovative effort behind this trial, was built on decentralized finance (DeFi) concepts using a public blockchain. It utilized a common token standard, ensuring seamless interoperability and exchange between currencies. Moreover, bridges were designed to transfer wCBDCs across various networks smoothly. At the same time, automated market makers (AMM) were employed to facilitate instant pricing, execution, and settlement of spot FX transactions.

The test essentially aimed at simulating a situation where three central banks – using the hypothetical euro, Singapore dollar, and Swiss franc wCBDCs – conducted transactions on a unified platform. Consequently, Project Mariana offered a rare glimpse into what foreign and exchange settlement might look like in an era where more central banks adopt CBDCs. 

The successful trial underscores the potential advantages, particularly in streamlining cross-border payments, which has long been a complex facet of the global financial infrastructure.

However, while this experiment marked significant progress, the technologies, including tokenization and DeFi, are still in the early stages. Hence, considerable exploration and research are still warranted before such systems become the norm.

Advertisement

What This Means for the Future

The initiative’s success signals that integrating DeFi elements, especially automated market makers, might form the backbone for future financial infrastructures. Additionally, smart contracts were utilized, allowing central banks to efficiently manage their wCBDCs without directly engaging with the underlying platform.

Cecilia Skingsley, the Head of the BIS Innovation Hub, stressed the project’s success, stating,

“Project Mariana pioneers the use of novel technology for interbank foreign exchange markets. It showcased that exchanging wholesale CBDC across borders is feasible using groundbreaking concepts like automated market makers.”

While the world watches, and as CBDCs continue to gain traction globally, tests like Project Mariana will undoubtedly play a pivotal role in shaping the digital financial landscape of the future.

Advertisement
Share
Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?

Bitcoin, Ethereum, XRP, and other altcoins tumbled amid the latest crypto market crash. Over $1.2…

October 31, 2025
  • News

Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts

Sam Bankman-Fried (SBF) team on Friday revealed an estimated $136 billion in petition-date holdings of…

October 31, 2025
  • News

XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks

Asset manager Canary Capital has submitted an updated S-1 filing to bring its spot XRP…

October 31, 2025
  • News

Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch

Canary Funds has filed an updated S-1 registration for its XRP spot exchange-traded fund (ETF).…

October 31, 2025
  • News

CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement

The U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have entered…

October 31, 2025
  • News

Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days

The U.S. Senate committee is set to release an updated draft of the Crypto Market…

October 30, 2025