Mastercard has unveiled the latest step in its exploration of digital assets and blockchain technology, a ‘Multi-Token Network’ (MTN) that will act as a testbed for developing live pilots – beginning with tokenised bank deposits.
Explaining the project, Mastercard blockchain and digital assets lead Raj Dhamodharan says: “Our vision for MTN is to provide a set of foundational capabilities designed to make transactions within the digital asset and blockchain ecosystems secure, scalable and interoperable — ultimately enabling more efficient payment and commerce applications.”
The network will have four “pillars of trust”: trust in counterparty; trust in digital payment asset; trust in technology; and trust in consumer protections.
A beta version of MTN is being made available in the UK and will be used for pilot applications and use cases with financial institutions, fintechs and central banks, beginning with the tokenised bank deposits exploration. The network will then be rolled out to other markets.
