Australia's central bank will work with Mastercard and others to develop digital Australian dollar use cases and test the use of USDC for international remittances

The Reserve Bank of Australia has revealed a series of projects that will develop use cases for the digital Australian dollar eAUD during the testing phase that is currently underway, covering everything from offline payments, bond settlements to securities trading, participants Including representatives of a wide range of industries, from "small fintech companies to large financial institutions" such as Australia and New Zealand Banking Group Limited (ANZ), Mastercard, Monoova, ASX, DigiCash, Commonwealth Bank and others. Another project will look at using the dollar-pegged stablecoin USDC to simplify foreign exchange transactions and remittances, testing whether international remittances can be traded 24/7 while reducing counterparty risk.