Sibos 2022: MAS chief floats private blockchain networks for cross-border payments
finextra.comIn a keynote speech at Swift's Sibos conference, Menon offered his own thoughts on the challenge, exploring three possible ways to solve it: linking up faster payments systems; building a multi-CBDC common platform; and expanding private sector blockchain-based payment networks.Menon argues that the use of distributed ledgers for cross-border settlement need not be confined to CBDCs. Securely-backed stablecoins or tokenised bank deposits issued by private sector players can also be used to enable cheaper and faster cross-border payment and settlement.
The MAS chief notes that USD Coin and the Pax Dollar are already beginning to scale, expanding their networks and partnerships with traditional finance firms. Meanwhile, Visa has integrated stablecoins into its services.
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