As the race against China’s development of its central bank digital currency (CBDC) known as the digital yuan continues, the U.S. Federal Reserve accomplished a feat in testing a design for a U.S. digital dollar that in one of two tests, managed to handle 1.7 million transactions per second.
A report released last Thursday provided the initial findings of research conducted as a collaboration between the Boston Fed and the Massachusetts Institute of Technology (MIT). Dubbed ‘Project Hamilton’, the report describes a theoretical high-performance and resilient transaction processor for a CBDC that was developed using open-source research software called ‘OpenCBDC’.
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