When central banks tested a DeFi idea for foreign exchange
Project Mariana explored automated trading of hypothetical central bank currencies, borrowing a mechanism from decentralized finance.
From the archive · 28 Sept 2023
A retrospective written for Chain Perspective. It describes the source at that date and does not imply current availability or status.
Reported development: · AI-assisted, source-linked brief
In brief
- The experiment used hypothetical euro, franc and Singapore dollar CBDCs.
- Technical feasibility did not amount to central-bank endorsement of DeFi.
The development
In September 2023, Project Mariana reported a proof of concept for trading and settling wholesale central bank digital currencies through automated market makers. The BIS Innovation Hub worked with the central banks of France, Singapore and Switzerland. Its experiment used hypothetical currencies and a public blockchain, examining whether a mechanism associated with decentralized finance could support an interbank foreign-exchange market.
Why it matters
The interesting connection is between market design and settlement money. A familiar DeFi mechanism can be studied separately from speculative token trading. However, a working experiment does not establish that the participating central banks will issue these currencies or adopt that architecture. The partners explicitly described Mariana as experimental, so its relevance lies in the design questions it opened rather than a claim of commercial deployment.
Sources and verification
Based on an official announcement
Based on the dated primary source. This retrospective does not establish current availability or subsequent outcomes.
- Project Mariana: cross-border exchange of wholesale CBDCs using automated market-makers — final report ↗Bank for International Settlements · Primary document · 28 Sept 2023
Prepared with AI assistance from the linked sources. This is not a claim of independent field reporting or human review. How we publish · Report a correction
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