NY Fed out a digital dollar test run | Eastern NC Now

Some of the biggest players in the financial industry are launching a digital dollar pilot program while the crypto sector reels from FTX's collapse. 

About a dozen global giants, including Citigroup, HSBC, Mastercard and Wells Fargo, announced plans on Tuesday to test use of a digital token for 12 weeks in conjunction with the Federal Reserve Bank of New York, with the intention of examining how effective a digital currency is in speeding up payments.

Other firms also listed by the New York Fed include BNY Mellon, PNC Bank, Truist Financial, US Bancorp and TD Bank. All of the firms will participate in the project and use simulated data in a test environment. Banks will issue tokens which will be processed through a simulated central bank. 

https://markets.businessinsider.com/news/currencies/digital-dollar-wall-street-banks-new-york-fed-ftx-crash-2022-11