The Reserve Bank of Australia will work with Mastercard and others to develop digital Australian dollar use cases and test the use of USDC for international remittances

According to Foresight News, the Reserve Bank of Australia has revealed a series of projects that will develop use cases for the digital Australian dollar eAUD during the ongoing testing phase, covering everything from offline payments to bond settlement to securities trading. Use cases, participants include a wide range of industry representatives, from "small fintech companies to large financial institutions" such as Australia and New Zealand Banking Group Limited (ANZ), Mastercard, Monoova, Australian Bond Exchange, DigiCash, Commonwealth Bank and others .

Another project will look at using USDC, a stablecoin pegged to the U.S. dollar, to streamline foreign exchange trading and remittances, testing whether international remittances can be traded 24/7 while reducing counterparty risk.