NYIC and MAS Release Results of Project Cedar Phase II x Ubin+

Results of Project Cedar Phase II x Ubin+ are released by NYIC and MAS

The New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have released the results of "Project Cedar Phase II x Ubin+." The project aims to explore the use of Central Bank Digital Currency (CBDC) for wholesale payments. It utilizes hashed timelock smart contracts to connect distributed ledger systems. During testing, the project demonstrated interoperability, with an average rate of 6.48 payments per second and an overall average payment time of less than 30 seconds. It is noteworthy that the project was initiated in November.