Are global banking Giants starting a digital dollar pilot?

According to a statement by the New York Fed, global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.

Can banks use digital dollar tokens?

The Federal Reserve of New York and a group of private banking firms launched a 12-week digital dollar pilot project. The project is titled “the regulated liability network,” and it will conduct a test on usage of digital dollar tokens by banks.

Will Digital Dollar speed up settlement time in currency markets?

Michelle Neal, head of New York Fed’s markets group said that the use of the central bank digital dollar could speed up settlement time in currency markets and is promising. While the US Fed’s New York arm begins testing the digital dollar, stablecoins have stabilized and recovered from the FTX-induced crypto crash.

Which banks are listed by the New York Fed?

Other firms also listed by the New York Fed include BNY Mellon, PNC Bank, Truist Financial, US Bancorp and TD Bank. All of the firms will participate in the project and use simulated data in a test environment. Banks will issue tokens which will be processed through a simulated central bank.