Interest in participating in the project has been very strong, with over 140 submissions of use cases. Testing will commence soon and we look forward to publishing the results next year.
We are also looking at the pros and cons of an alternative form of a digital Australian dollar – a payments stablecoin that is issued by the private sector, just as banks issue deposits. If we were to go in this direction, the payment stablecoins would need to be backed by a strong regulatory regime, just as applies to deposits.