US launches digital dollar pilot project

The New York Fed, together with the country’s largest banks, is launching a digital dollar pilot project, Reuters reported, citing a statement from the participants. The project will last 12 weeks.

Citigroup, HSBC Holdings, Mastercard and Wells Fargo & Co are among the financial companies participating in the pilot, along with the New York Fed Innovation Center, according to the agency.

It is noted that the project will be conducted in a test environment and use simulated data. Its goal is to test how banks using digital dollar tokens can help speed up payments.