Universal Trusted Credentials

Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, with an emphasis on credentialing.

The Bank of Ghana (BOG) and Monetary Authority of Singapore (MAS) have completed a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project, according to various local press reports. The project is intended to encourage trade between micro, small and medium enterprises (MSMEs) in the two countries.

Within the project, live transactions have been carried out between the sides. To do so, they leveraged the Universal Trusted Credentials semi-fungible token protocol developed by the United Nations Development Program, according to Singapore-based Ample FinTech, which identified itself as the developer of the DESFT. The token contained verified licenses, certificates and trade records.

A stablecoin pegged to the Singapore dollar (XSGD) and the BOG’s e-cedi central bank digital currency (CBDC) were used for exchange within a Purpose Bound Money protocol on a distributed ledger.

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