SAN FRANCISCO — September 2, 2021 — Global fintech company, Bitt, and the Stellar Development Foundation (SDF) have been announced as one of 15 finalists for the Monetary Authority of Singapore’s (MAS) Global CBDC Challenge to develop and showcase retail central bank digital currency (CBDC) solutions. Bitt and Stellar together aim to provide a complete solution that permits central banks to issue a digital currency, manage it, and safely enable transactions utilizing it on a public network, all while dictating the functionality and providing interoperability of the CBDC with other assets.
Bitt’s market-proven Digital Currency Management System (DCMS) encompasses a core monetary transaction network, a secure minting system, and a Digital Currency Operations Manager for the monetary authority. Bitt has built its DCMS to integrate with the leading blockchain transaction networks.
As part of this submission, the Bitt DCMS will be integrated with the Stellar network, which provides asset issuers like central banks certainty, safety, and control with respect to their digital currency, as well as the openness and interoperability of a permissionless network that fosters innovation and competition. By running Bitt’s DCMS on Stellar, Bitt is able to offer a complete solution for monetary authorities to issue CBDCs, while also allowing monetary authorities to continue to leverage their current financial ecosystem and avoid the need for new complex integrations. With a large number of fiat-backed assets already in use on its network, Stellar is well-positioned to be the public network of choice for the issuance of CBDCs.
The competition received over 300 submissions from more than 50 countries. Participants were invited to address 12 problem statements relating to: CBDC instruments; CBDC distribution; and CBDC infrastructure; covering topics such as inclusivity, interoperability, and programmability.
The finalists were selected by an independent...