Mastercard (NYSE:MA), in collaboration with the Reserve Bank of Australia (RBA) and Australian payment services company Cuscal, has successfully conducted a trial integrating central bank digital currencies (CBDCs) with Ethereum-based non-fungible tokens (NFTs) on Mastercard’s Multi Token Network.

The trial, initiated in June 2023, utilized a wrapped CBDC solution, involving the locking of a pilot CBDC amount on the RBA’s platform and minting an equivalent of wrapped pilot CBDC tokens on Ethereum. This process was carried out by “allow-listing” Ethereum wallets of the buyer, seller, and NFT marketplace smart contract, allowing specific transactions on public blockchains.

Richard Wormald, Mastercard’s Australasia President, confirmed the successful trial, highlighting its response to growing consumer demand and demonstrating commerce across multiple blockchains. The project aimed to enhance transaction speed, security, and interoperability in finance, expanding the utility of digital currencies.

The compliance and verification aspects were managed through Mastercard’s Multi Token Network and Crypto Credential offerings, ensuring scalable interoperability and fraud prevention. The involvement of Australian firms Cuscal and Mintable marked a significant step toward eliminating fraud, loss of documentation, and creating new commerce opportunities through CBDC wrapping technology.