A working group consisting of BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo studied the effectiveness of the central bank’s wholesale digital currency (CBDC) based on the dollar in various use cases.

The document clarifies that the experiment “is not intended to achieve any specific results and does not signal that the Federal Reserve System will make immediate decisions about the feasibility or design of tokenized central bank deposits or wholesale CBDC.”