Australia will collaborate with Mastercard and others to develop use cases for the digital Australian dollar and test the use of USDC for international remittances

ChainCatcher news, the Reserve Bank of Australia has revealed a series of projects that will develop use cases for the digital Australian dollar eAUD during the ongoing testing phase, covering a variety of use cases from offline payments, bond settlements to securities trading.

Participants include small fintech companies to large financial institutions, such as Australia and New Zealand Banking Group Limited (ANZ), Mastercard, Monoova, Australian Bond Exchange, DigiCash, Commonwealth Bank, and others. Among the companies included in the announcement is the Ethereum Layer 2 scaling solution Canvas Digital, which is being built in collaboration with StarkWare. By using Circle's USDC stablecoin and eAUD, Canvas has been invited to pilot foreign exchange transaction settlements.

Another project will focus on using the USDC stablecoin pegged to the US dollar to simplify foreign exchange trading and remittances, testing whether international remittances can achieve round-the-clock trading while reducing counterparty risk. (Decrypt)