Mastercard launches CBDC Partner Program with Ripple and ConsenSys
Mastercard's CBDC Partner Program, backed by Ripple and ConsenSys, accelerates digital currency evolution as 93 percent of central banks actively explore CBDC potential
Mastercard, a global payment giant, has taken a significant stride by unveiling its CBDC Partner Program. Ripple and ConsenSys are key participants, aiming to accelerate the growth of central bank digital currencies (CBDCs). The cumulative goal is to explore and develop innovative digital currency projects focusing on transparency, stability, and consumer privacy.
In an announcement on Friday, August 17, Mastercard revealed its strategic initiative designed to collaborate with multiple central banks to explore novel digital currency avenues. The program provides a collaborative platform that brings together leaders from the blockchain and payment sectors, pooling their expertise to spur innovation.
The Mastercard initiative will unite firms that have made diverse contributions to CBDC advancement. Notably, Ripple joins with its specialised CBDC platform, while ConsenSys, a software company, has actively engaged in numerous CBDC endeavours.
Mastercard's move, under the leadership of CEO Michael Miebach, aligns with the growing interest in CBDCs. According to a 2022 Bank of International Settlements (BIS) survey, 93 percent of central banks actively engage in CBDC-related work. This includes retail and wholesale CBDCs, aiming to have several in circulation by 2030.